Best Capital One Balance Transfer Offers

You can make a Capital One VentureOne balance transfer at least 10 days after you’ve opened an account, either online or by calling customer service at (800) 955-7070. Keep in mind that your Capital One VentureOne account may not always be eligible for balance transfers. You can always check for eligibility and any existing offers through your online account.

It is also worth noting that you cannot use balance transfers to pay off another credit card or loan issued by Capital One. And the total amount of your transfer, including any applicable fees, cannot exceed the amount for which you are eligible. This can be found within your balance transfer offer.

Here is what you need to know about Capital One VentureOne balance transfers:

• Eligibility: Not all Capital One VentureOne accounts are eligible for balance transfers. You can check online to see if you are eligible to transfer a balance to your Capital One VentureOne card. Accounts must be open for at least 10 days before requesting a transfer and transfers between Capital One accounts are not permitted.
• How to do it: Simply log in to your online account and click the "I Want To" option. Under "Offers and Upgrades", select "Transfer a Balance" and click "Select Offer". Provide the amounts you’d like to transfer and the account numbers for each creditor. You can also check for available offers and request a balance transfer by phone at (800) 955-7070, and a customer service representative will walk you through the process.
• Balance transfer APR: If eligible, balance transfers can either accrue interest at the regular transfer APR of 16.49% - 26.49% (V) (based on the specifics of your credit), or other promotional offers will be made available to you through your online account.
• Balance transfer fee: 3% for balances transferred at the card’s promotional transfer APR. For balances transferred at the card's regular APR, the balance transfer fee will be $0 of the transferred amount.

If you do a Capital One VentureOne balance transfer, continue to make payments to your current creditor(s) until the balance transfer posts to your account. Balance transfers can take about 10 business days to process.

If you’d rather not wait on a Capital One VentureOne balance transfer offer, there are other issuers offering some of the best balance transfer credit cards, with long 0% introductory APR periods. It’s also worth using a balance transfer calculator to see how much a balance transfer could end up saving you.

Balance transfers don’t hurt your credit score directly, but transferring a balance can indirectly cause credit score damage. When you apply for a balance transfer credit card, for example, it will generate a hard inquiry on your credit report, causing a slight dip in your credit score.

If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to rack up more debt than you can afford to repay. Both of those things can hurt your credit score.

So, the act of transferring a balance itself won’t affect your credit, but it will indirectly alter several key components of your credit profile, from utilization to the age of your accounts. These changes might lower your score a bit in the short term. But over time, interest savings and the ability to pay off your debt faster should make transferring a balance a net positive for your credit score.

You can use WalletHub’s free credit score simulator tool to get a sense of how a balance transfer might affect your credit score.

How Balance Transfers Can Help or Hurt Your Credit Score

• Credit Inquiries Hurt: If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.
• Lower Account Age Hurts: Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.
• Increased Utilization Hurts: Keep an eye on how the transfer affects your account’s credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that’s not good for your score.
• Missed Payments Hurt: If you don’t continue to make payments to your original creditor while the balance transfer is being processed, your credit score will suffer. Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card.
• Reduced Utilization Helps: If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.
• Low Interest Helps: Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.
• Less Debt Helps: A balance transfer can help you reduce your debt load. That’s important because how much debt you owe is a key ingredient in your credit score. The less, the better, since people with little-to-no debt are in a more stable position financially.

Bottom Line

Balance transfers won’t hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card’s low introductory APR period.

Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They’re not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.

Balance transfers do not affect your credit score directly. While balance transfers themselves aren’t reflected on credit reports, and thus aren’t directly used to calculate credit scores, balance transfers can change your financial picture in ways that could alter your credit score temporarily.

You can use WalletHub’s free credit score simulator to forecast how a balance transfer might affect your credit score in particular. You can also learn more about how balance transfers affect credit scores in general below.

Here’s how balance transfers affect your credit score:

• High credit utilization rate:

  It’s best to use less than 30% of a credit card’s credit limit. However, a balance transfer can wind up consuming much more than that, which isn’t great for your credit score.

• Hard inquiry:

  When you apply for a balance transfer card, the issuer will pull a copy of your credit report. Known as a hard inquiry, this will lower your credit score slightly, but only temporarily.

• Average age of accounts:

  A new balance transfer card will reduce the average age of your credit card accounts, which could knock a few points off your credit score.

• Future credit score increase:

  Your credit score should recover with time. Making payments on time is crucial to maximizing your credit score after a balance transfer, however, as is avoiding serious debt in the future.

To stay on top of your credit throughout every stage of a balance transfer, sign up for a free WalletHub account. You’ll get daily credit score updates, 24/7 credit monitoring, and personalized credit improvement advice.

You can do a balance transfer with the Capital One QuicksilverOne card through your online account by providing the name, account number and payment address of the other creditor, and the exact amount you want to transfer. Alternatively, you can call the number on the back of your card to get connected with a customer service representative.

Here’s how to make a balance transfer with Capital One QuicksilverOne:

1. Log in to your online account or mobile app.
2. Select “Transfer a Balance” under the “Offers and Upgrades” section.
3. Click “Select Offer” beside the offer you would like to select. If you have multiple accounts, offers will display for the one you selected after logging in. You can go back to the home page and select other cards to view other offers.
4. If given the option for “Transfer a Balance,” “Send Me a Check,” or “Send a Check To Anyone,” select the button beside the option you would like to request and click “Continue”.
5. Provide the name, account number and payment address of the other creditor (from whom you wish to transfer the debt). In the “Amount” field, enter the amount you would like to transfer, up to your available credit limit.
6. Review the terms and conditions, and click “Accept Terms and Conditions” if you accept them.
7. Click “Submit Request” to process your balance transfer.

Please not that not all Capital One QuicksilverOne are eligible for balance transfers, but you will see any available offers through your online account. If approved, your balance transfer will be processed immediately, but it can take about 10 business days to reach your other creditor. So make sure you continue to submit payments until the transfer has been finalized.

Bear in mind that in lieu of a promotional balance transfer offer, Capital One QuicksilverOne’s regular APR is 26.99% (V) and there is a balance transfer fee of $0 at this Transfer APR. Eligibility for promotional offers will be determined by the issuer. Also, the transferable amount cannot be greater than your available credit, and you cannot transfer a balance between two Capital One accounts. If you would rather not wait for a promotional offer, feel free to also check out some of the best balance transfer credit cards to help reduce the cost of your existing debt.

You can do a Capital One Platinum balance transfer through your online account, or by calling the number on the back of your card. Keep in mind that your Capital One Platinum account may not always be eligible for balance transfers. You can always check for eligibility and any existing offers through your online account.

It is also worth noting that you cannot use balance transfers to pay off another credit card or loan issued by Capital One. And the total amount of your transfer, including any applicable fees, cannot exceed the amount for which you are eligible. This can be found within your balance transfer offer.

Here’s what you need to know about the Capital One Platinum balance transfer:

• Eligibility: Not all Capital One Platinum accounts are eligible for balance transfers. You can check online to see if you are eligible to transfer a balance to your Capital One Platinum card. Accounts must be open for at least 10 days before requesting a transfer.
• How to do it: Either log in to your online account or call the customer service number on the back of your credit card to speak with a representative.
• Balance transfer APR: If eligible, balance transfers can either accrue interest at the regular transfer APR of 26.99% (V) (based on the specifics of your credit), or other promotional offers will be made available to you through your online account.
• Balance transfer fee: $0 at this Transfer APR. For balances transferred at the card’s promotional transfer APR, the balance transfer fee will be 3% of the transferred amount.

Keep in mind that a balance transfer typically takes 3-14 days, depending on whether your request can be completed electronically or by mail. So, continue to make payments to your current creditor(s) until the balance transfer posts to your account.

If you’d rather not wait on a Capital One Platinum balance transfer offer, there are other issuers offering some of the best balance transfer credit cards, with long 0% introductory APR periods. It’s also worth using a balance transfer calculator to see how much a balance transfer could end up saving you.

To do a balance transfer with the Capital One Venture X card, existing cardholders can request a balance transfer online or by calling customer service at the number on the back of the card.

Capital One Venture X balance transfers usually take 3 to 14 days to process. In the meantime, continue to make payments on your original debt to avoid any late fees and possible damage to your credit score.

How to Do a Balance Transfer with Capital One Venture X (Existing Cardholders)

1. Log in to your Capital One Venture X account.
2. Select “Transfer a Balance” from the I Want To... menu.
3. Click “Select Offer.”
4. Enter the account number(s) and the amount(s) you’d like to transfer.
5. Verify your information is correct and submit the application.

Key Things to Know About a Capital One Venture X Balance Transfer

The Capital One Venture X card accepts balance transfers from other credit cards, along with personal loans, student loans and auto loans. The Capital One Venture X card does not allow balance transfers from other Capital One credit accounts.

If you’re transferring a balance to a credit card with an introductory APR on balance transfers, try to pay off the balance before the introductory rate expires. Any balance remaining after that will accumulate interest daily at the card’s regular APR. Using a balance transfer calculator can be a big help.

Capital One Venture X does not charge a transfer fee on balance transfers, unless you are offered a lower introductory transfer APR.

The Capital One Venture X balance transfer fee is $0 at this Transfer APR - 18.49% - 25.49% (V). Since the Capital One Venture X does not offer a low introductory balance transfer APR, the regular APR will apply instead, which means it’s not a great choice for reducing the cost of debt.

There are very few balance transfer credit cards with no transfer fee available right now. But there are a lot of 0% APR balance transfer cards on the market. These 0% APR intro periods can help you save a lot on interest, even if you need to pay a balance transfer fee. To see just how much you could save, try out WalletHub’s Balance Transfer Calculator.