Updated February 10, 2020

Capital One Balance Transfer Offers

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Here are the current Capital One balance transfer offers worth considering. Whether you're transferring a balance to or from a Capital One card, know these vital tips.

Are you looking to transfer your current credit card debt to a new Capital One card? Or maybe you have debt with Capital One and you want to offload it to an entirely new bank?

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

But watch out. There are a few quirks you need to know if you want to make a successful credit card balance transfer.

Read on before you apply for your next credit card.

Keep in mind: If you have a lot of credit card debt to pay off, we recommend using a personal loan to help you save money on interest and potentially get out of debt faster. Check rates on Fiona (does not affect credit score) to see if you qualify.

To Capital One

Do You Have an Existing Balance from Another Bank?
If you're weighed down by credit card debt, a balance transfer is a smart way to get a break on interest rates. The trick is to move your debt to a card with a promotional 0% APR for balance transfers. This will give you a period of time to pay off that debt without accumulating more interest.

How to do a balance transfer with Capital One:

  • Open a new Capital One credit card
  • Transfers can be requested 10 days after account opening.
  • Request a transfer either online under "Account Services" or by phone.
  • Transfer amount cannot exceed your credit limit.

  • Only some credit cards offer a promotional rate. Most Capital One cards will let you transfer a balance over, but not all of them have a promotional APR. The whole point of transferring a balance is to score a lower interest rate than whatever you're getting now.

  • You'll pay a fee for the transfer. Most banks charge a transfer fee to move over your balance. Many Capital One credit cards have no balance transfer fee. But when there is a promotional balance transfer APR, Capital One usually has a transfer fee of 3% of the balance you're transferring.

  • You can only transfer a certain amount. Capital One will give you a limit for the amount you can transfer. This generally cannot exceed your total credit limit, or may even be less.

Did you already do a balance transfer? To get your Capital One balance transfer status, you can monitor your account online. It generally takes up to 14 days to complete the transfer. Continue to make payments on your other cards until the transfer is complete.

To Another Bank

Do You Have an Existing Balance from Capital One?

There's also a lot to consider if you're transferring a balance from Capital One to another bank. Read the fine print - if you don't pay attention to the details, the smart move you thought you were making can backfire.

  • 0% APR promotions may not always mean free. Most banks charge a balance transfer fee of 3% or 5%. This means for a $5,000 balance, you're looking at a balance transfer fee of $150 or $250. If you've got a lot of debt you want to move around, you need to know what it's going to cost up front.

    We like credit cards that have no balance transfer fees.

  • Review the card's regular interest rate. Ideally, when you're transferring a balance, the goal is to pay it off before the 0% credit card promotional period ends so you're not stuck paying interest. If you're not sure you'll be able to clear the debt by the time your offer expires, find out the rate after the promo period and be realistic about how much it will hurt.

    Tip: See our list of low interest rate cards.

  • Don't bank on earning rewards from a transfer. Rewards cards generally pay out points, miles, or cash back on new purchases only. If you're transferring over several thousand dollars to a new rewards card, you're not likely to earn any rewards for it.

  • Time transfers carefully Schedule the transfer well ahead of the due date on your current card. Check your balance transfer status. Make sure you continue making payments on your old card until you get confirmation that the balance has been completely transferred. If you don't, you could end up with a late fee and the late payment could show up on your credit. Stop making new purchases on the old card once the transfer's been initiated.

  • Check the APR on purchases. If you're planning to use the new card to cover your expenses, look for one that extends the promotional 0% interest rate to purchases as well.

    Note: Sometimes a card only has a promotional APR rate for balance transfers and NOT for new purchases. If this is the case, and you do tend to carry a balance, we advise that you avoid using that credit card for new purchases.

    Typically, you have a grace period on purchases where no interest accrues. But promotional interest rate offers may cause you to lose that grace period if you do not pay the entire statement balance (including the amount subject to the introductory APR) by the payment due date. If you plan to carry a balance, check the credit card issuer's terms to find out about the effects of the promotional APR offers on the grace period for new purchases.

Bottom Line

Capital One doesn't offer the best balance transfer options. There are offers from other banks with longer 0% APR promotional periods.

No matter which bank and card you go with, be careful. Make sure you carefully read the fine print and are fully aware of any fees. Once you make the transfer, keep up with your payments and aim to pay it off in full before the intro APR period ends.

Terms and limitations apply.

Before you go: Understand that most credit card promotional periods will only offer you 0% APR for the first 12 to 21 months before drastically increasing their rates. A personal loan can typically offer terms ranging between 24 to 84 months.
Check rates on Fiona (does not affect credit score) to see if you qualify. APR starting at 3.84%.

Balance Transfer

How to Choose a Balance Transfer Credit Card

Here are three factors to keep in mind when choosing the right balance transfer credit card for your wallet ...

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