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How to Do a Balance Transfer with Capital One

How to Do a Balance Transfer with Capital One

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This article was last updated Sep 22, 2017, but some terms and conditions may have changed or are no longer available. For the most accurate and up to date information please consult the terms and conditions found on the issuer website.

When it comes to balance transfers, Capital One is lacking. They have one card, the Capital One® Quicksilver® Cash Rewards Credit Card, which offers 0% intro on balance transfers for 15 months (16.24% - 26.24% (Variable), after), and charges a 3% balance transfer fee. This is a typical balance transfer fee; however, you can find longer 0% intro options from other cards like the Citi® Diamond Preferred® Card (This offer and/or promotion may have since changed, expired, or is no longer available.) We recommend you compare balance transfer cards from our partners to find the right offer for you. If you’ve decided that Capital One is where you want to complete your balance transfer, read on for steps to complete your transfer online or over the phone.

Is a balance transfer right for me?

A great way to see if a balance transfer is a good option for you is to use Capital One’s Credit Card Calculator to see how much interest you are currently paying on your balance. Then, to find how much you would pay on your balance transfer (if there is a fee), simply multiply your balance by the balance transfer fee ($1,000 balance X 3% fee = $30 balance transfer fee). Subtracting the two will give you the amount of money you may or may not save by completing the transfer.

For example, let’s say you currently have a balance of $1,000 on a card with a 24.49% APR. You’re considering transferring your balance to a card with 0% APR for 12 months and a 3 percent balance transfer fee. You plan on paying $100 a month toward your balance. Here’s a breakdown of the fees or interest you will incur and the length of time it will take you to pay off your balance for both options:

Cost (fees or interest) Length of time to pay off your balance
Balance Transfer Credit Card $30 10 months
Current Credit Card $130.05 12 months*

Conclusion: Completing the balance transfer may save you $100.05* in interest payments, as long as you pay off your balance before the end of the intro period.

* Note that this amount is only an estimate.

How to complete a balance transfer with Capital One

If you’ve decided that you want to complete a balance transfer with a Capital One credit card, then follow these steps.

Make sure you have this info handy:

  • Account number and balance of card with debt
  • Account information for your new Capital One account

Complete the transfer online

  1. Log in to your account. (If you haven’t created an account, you need to.)
  2. Click “More Account Services”
  3. Click text that reads “Transfer a balance”
  4. Select an offer
    1. You should see the intro balance transfer offer for your new Capital One card; if you don’t, call customer service.
  5. Input your information
    1. The name of the bank where you have the balance
    2. Account number of your card that has the balance
    3. Amount of the balance you want to transfer
  6. Review and accept terms and conditions and then submit your transfer request

You can also have Capital One send you a “No Hassle Check” to do the transaction on your own if you don’t have your other account information handy.

Complete the transfer by phone

  1. Call the customer service number on the back of your credit card to speak with a customer service representative.
  2. Provide the credit card number of your card with the balance, as well as the amount of your balance you want to transfer.
  3. Capital One will make the payment for you.

What to look for in a good balance transfer card

  • No balance transfer fee. If you can find a balance transfer card with no transfer fee, you can save even more money than if you’re charged a fee. Typically, balance transfer cards come with a balance transfer fee of 2 – 5 percent of the transfer. However, this fee is often outweighed by the amount of money you save by completing the transfer.
  • Long 0% intro APR period. Whether you plan on transferring a small or large balance, a long intro period is key to providing you with the most time to pay off your balance. The best balance transfer cards offer over a year for you to pay off your debt, and some cards offer as long as 24 months. If you have a small balance and are able to pay it before the intro period ends, you may be fine with a short six-month intro period.
  • Low ongoing APR after the intro period. We know unexpected expenses can arise, possibly preventing you from paying off your transfer within the intro period. Therefore, it’s a good idea to select a card that offers a low ongoing APR. This will minimize the interest you’re charged if you have a remaining balance once the intro period is over.

Tips for a successful balance transfer

  • Complete your transfer on time. The majority of balance transfer offers have a set time period from when you open the card to when you can take advantage of the balance transfer offer. Most offers last 30 days from account opening, but some last longer. It’s key to check the terms of your balance transfer so you don’t miss out on the offer.
  • Transfer your balance to a card from a different bank. You can’t transfer a balance between cards from the same bank. So you can’t transfer a balance from one Chase card to another Chase card.
  • Be aware of the balance transfer fee. Balance transfer cards often charge you a fee that is a percentage of your transferring balance. Overall, this fee is often outweighed by amount of money you save on interest during the intro period.

How long will the balance transfer take?

Typically, Capital One balance transfers take three to 14 days depending on whether the request was completed online or via mail. Therefore, continue to make payments on your balance until the balance transfer is complete. You don’t want to risk being charged a late fee prior to your transfer being completed.

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