Capital One has a few options when it comes to balance transfer credit cards, but you’ll need excellent credit to qualify for the best offers. Learn how to transfer a balance to a Capital One credit card and how to improve your odds of approval.
If you have credit card debt you need to consolidate, transferring a balance to Capital One can help you meet your credit goals. You may even be able to save money on interest with a low introductory offer on a new card. Transferring a balance doesn’t come without a cost, so it’s important to know what those costs are and if a balance transfer makes sense for your situation.
How to do a balance transfer with Capital One
There are several ways to transfer a balance to a Capital One credit card. It’s a little different for new cardholders versus existing Capital One cardholders.
Existing Capital One cardholders
If you want to transfer a balance to an existing Capital One account, you can apply through your online account. Here’s where to find it:
- After logging in to your account, go to “Card Details.”
- From the “I Want To” drop down menu, find “Transfer a Balance.”
- Click on “Select Offer.”
- Enter the name on the account, account number and payment address of the creditor you want your debt transferred from.
- Enter the amount of debt you want transferred to your Capital One account.
- Click submit.
You can also contact the customer service phone number on the back of your card if you would like to initiate a balance transfer.
New Capital One cardholders
Transferring a balance can occur at the time of application for new Capital One cardholders. Before starting your application for a new Capital One card, it would be helpful if you had some details about the debt you want to transfer, such as the:
- Exact name on the account
- Account number
- Payment address for the creditor
- Amount you would like to transfer
Adding this information in at the time of application can help you get the balance transferred as soon as your new account is open, giving you access to the full zero-interest time period.
Keep in mind that existing Capital One cardholders can apply for a different Capital One card product if they’re interested in a 0% intro APR offer on balance transfers. Not every card offers a low introductory rate, so be sure to select one that does.
What you should know about a Capital One balance transfer before applying
Transferring a balance to a new Capital One card could help you consolidate debt, but it does come with a cost. Here’s what you should know before you decide to transfer a balance to a Capital One credit card.
- Balance transfer fees apply on a 0% intro APR offer. What this means is that you’ll pay a fee to transfer your balance. After your balance is transferred, you won’t be charged interest for the length of your introductory offer. For the Capital One Quicksilver Cash Rewards Credit Card, Capital One VentureOne Rewards Credit Card and Capital One SavorOne Cash Rewards Credit Card, for example, this amount is 3% of the overall balance (or $10, whichever is greater). If you transfer $1,000, for example, this fee works out to $30.
- The amount transferred to your Capital One card will not earn rewards. You only earn points, miles or cash back on purchases made on the card, not balance transfers or cash advances.
- Low introductory offers require excellent credit for best approval odds. You can still be approved for a credit card with less-than-excellent credit, but you likely won’t qualify for cards featuring solid balance transfer offers. Balance transfers will be subject to the card’s variable APR (upwards of 27.24%) after the introductory period ends. On the bright side, there is typically no balance transfer fee when a balance is transferred at this higher rate.
- The balance on your Capital One card will go up. When you complete a balance transfer, you’re probably expecting higher payments on your card. Your credit utilization may also change. Credit utilization is a part of your credit score, and if it gets too high, your credit score will drop.
- You will need to make sure you pay your original creditors until they have received the payment for the balance transfer.
- You cannot transfer a balance from one Capital One card to another. Balance transfers are only allowed from other credit issuers.
How to improve the chances of your balance transfer being approved
Many of the best balance transfer offers require excellent credit. To improve your chances of approval with a Capital One credit card, you’ll want to make moves to improve your credit score.
- Pay your bills on time. Your credit history is the single biggest determining factor in your credit score. If you can, pay on time every time. If you struggle with this aspect, try automating payments, and your score will be sky high before you know it.
- Decrease your credit utilization ratio. Using less than 30% of the credit available to you is ideal and will result in a better score.
- Keep your accounts with the longest history. Part of your credit score is determined by the length of your credit history. You may want to keep old credit cards and bank accounts around.
- Diversify your debt. You don’t want all your debt to be on credit cards. Installment loans, such as auto loans, are a good way of establishing a long history of being a reliable borrower.
- Open new accounts sparingly. A large number of inquiries on your credit report can decrease your score a bit.
Top Capital One balance transfer offers
While you can transfer a balance to any Capital One card with enough credit, there are a handful of Capital One cards that offer 0% intro APRs on balance transfers.
Capital One VentureOne Rewards Credit Card
The Capital One VentureOne Rewards Credit Card is a solid no-annual-fee rewards card that offers a 0% intro APR on balance transfers and new purchases for the first 15 months (15.24% to 25.24% variable APR thereafter). Other benefits include:
- A 20,000-mile welcome bonus when you spend $500 within the first three months of account opening
- 5X miles on hotels and rental cars booked through Capital One Travel and 1.25X miles on every purchase, every day
Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card is another no-annual-fee card from Capital One that offers a 0% intro APR on purchases and balance transfers for 15 months (15.24% to 25.24% variable APR thereafter). The main difference between this card and the VentureOne is that the Quicksilver earns cash back instead of miles. Other benefits of this card include:
- A $200 welcome bonus after spending $500 in your first three months
- Unlimited 1.5% cash back on everything you buy
Capital One SavorOne Cash Rewards Credit Card
The Capital One SavorOne Cash Rewards Credit Card offers a 0% intro APR on purchases and balance transfers for 15 months (15.24% to 25.24% variable APR thereafter). Like the other two options, this card doesn’t charge an annual fee and is focused on earning rewards through dining, entertainment, streaming and grocery purchases. Some features of the card include:
- 3% cash back on dining, entertainment, popular streaming services and grocery store purchases (excluding superstores like Walmart and Target), 1% back on all other purchases and 8% back on purchases from Vivid Seats through January 2023
- $200 cash bonus after spending $500 within three months of account opening