How To Do a Balance Transfer With Capital One’s 3 Card Options

Like many credit card issuers, Capital One accepts balance transfers, which allow you to reduce the overall cost of credit card debt by transferring your balance to a different card with a low introductory interest rate. Capital One offers three balance transfer credit cards, all with 0% intro APR offers for a set period after your qualifying balance transfer is complete.

Credit card issuers routinely charge an upfront fee with any balance transfer (though you might avoid this charge by borrowing from a community bank or credit union), and Capital One is no exception. But because balance transfer cards can save you money on interest, you’ll usually still spend less over time than you would if you didn’t transfer your balance.

How to start a balance transfer with Capital One

Capital One balance transfers can be used to:

• Transfer a balance onto one of its credit cards from a credit card with a different issuer.
• For example, you could transfer your balance from a Citi, Chase, or American Express card to a Capital One balance transfer card.
• Move your balance from a Capital One card to a different credit card issuer.
• If you find an attractive balance transfer offer from a different provider and owe money on any Capital One card, you can move it over to the new card instead.

If you’re interested in making a balance transfer to a Capital One card, the specific steps depend on whether you have a card with the issuer yet.

If you already have a Capital One card

Note that if you already have a Capital One card and want to transfer a balance onto it, you might not be eligible for a 0% intro APR offer unless your account is on the newer side and you’re within the promotional window.

• Sign into your Capital One account. If you’re not presented with a balance transfer offer, click to view the issuer’s balance transfer page. Once you select a card and click “Apply,” a pre-filled application with some of your information will appear. You’ll also be asked to confirm your income and employment status.
• Provide info for the non-Capital One card with a balance you want to transfer. This is the card you currently owe money on that you want to pay off with Capital One. You’ll need to provide the issuer, your name, the account number, and the amount to transfer.
• If approved, wait for your credit line and card. Capital One aims to provide decisions within a minute of your application. (Sometimes, it might request more information within seven to 10 business days.) If approved, you’ll learn your credit limit (within several days) and receive the new plastic for your wallet (within seven to 10 business days).
• Begin making monthly payments on your new Capital One card. Ideally, you’ll pay enough to bring the balance down to $0 before the 0% intro APR period ends, which is usually 15 months for Capital One products. After the promotion ends, you’ll be charged the standard interest rate on any remaining balance.

If you don’t already have a Capital One Card

• Apply for a Capital One balance transfer card online. Pick the card you want to apply for and submit an application.
• Request a balance transfer after your account is open. Once approved, you can sign into your account and complete this step after you’re all set up. You’ll need to wait 10 days after your account opening to request a transfer.
• Provide info for the card you want to transfer the balance from. You will need the name, account number, and payment address of the other company.
• Wait for the transfer. Capital One generally takes between three and 14 days, depending on whether the transfer request was made electronically or by mail (for faster processing, I recommend doing everything online).

Capital One’s balance transfer credit cards

Capital One currently offers three balance transfer credit cards with similar features. The issuer allows balance transfers for more of its cards, but these three are ideal for transfers because they all include limited-time introductory APR periods. However, they also have balance transfer fees. This is common, and most of the best balance transfer credit cards have fees, but it’s something to be aware of when deciding whether a transfer is worth it.

These balance transfer offers apply to new cardholders, who can take advantage of the intro APRs for a set period.

Keep in mind that even with a balance transfer card, you have to make your monthly payments on time. Late payments not only hurt your credit and ability to borrow but may lead to late fees or other penalties. Plus, falling behind in repayment makes it more difficult to zero your balance before the card’s promotional APR expires.

Which Capital One balance transfer credit card is best?

It's always wise to compare not only balance transfer offers but also ongoing benefits before applying for a new card. Capital One's three balance transfer cards are similar, with each requiring excellent credit and forgoing annual fees. However, the cards differ in terms of the other rewards and perks offered, and this is what really matters when you’re done with a balance transfer — and what makes the difference between a card worth having for now and a card worth having for the long haul.

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Cash Rewards credit card is an ideal balance transfer card for people who want to earn the same rewards rate on all new purchases.

Its introductory APR period of 15 months is shorter than that of some competitors. For example, the Wells Fargo Reflect^® Card provides a 0% intro APR for 21 months from account opening on qualifying balance transfers, then a 17.49%, 23.99%, or 29.24% Variable APR after that. It has a balance transfer fee of 5%, min: $5.

However, the Wells Fargo Reflect charges foreign transaction fees, which none of the Capital One cards do.

Who should consider the Capital One Quicksilver Cash Rewards Credit Card

The Quicksilver stands apart from the other Capital One balance transfer credit cards because it provides unlimited 1.5% cash back on every purchase. This is important if you plan to use the card as an everyday rewards card after a balance transfer and see bonus categories as a hassle.

Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards Credit Card has the same balance transfer terms as the Capital One Quicksilver Cash Rewards Credit Card, but it provides 3% unlimited cash back on grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services. This is more generous than the 1.5% cash back on every purchase the Quicksilver offers.

Who should consider the Capital One Savor Cash Rewards Credit Card

The Capital One Savor Cash Rewards Credit Card would be a smart choice for anyone whose regular spending falls into food and entertainment categories. However, this card's standard rewards rate for all other purchases outside of these bonus categories is just 1%. That means it isn’t ideal if you want both a balance transfer offer and bonus rewards on specific spending, even less so if you want the best rate possible on everything.

Capital One VentureOne Rewards Credit Card

Finally, the Capital One VentureOne Rewards card offers the same balance transfer promotion as the other two options we’ve covered. However, this card is very different. It’s a travel credit card — one of our favorites.

In addition to earning 1.25 miles per dollar on every purchase, every day and 5 miles per dollar on hotels and rental cars booked through Capital One Travel, this travel-geared card features the ability to earn 20,000 miles if you spend $500 within the first 3 months of opening the account. However, new spending might not be wise if you’re looking to execute a balance transfer, and you should focus on repaying your balance rather than meeting welcome offer requirements.

Who should consider the Capital One VentureOne Rewards Credit Card

This card is a good choice if you plan to use your card to pay for hotels and rental cars. Just keep in mind that you should book your accommodations through Capital One Travel to get the most value. But for what it’s worth, my spouse and I have a really easy time accessing travel rewards with our Capital One Venture Rewards Credit Card, and the travel portal often features discounts (like a $30 Turo discount for car rentals, for example).

FAQs

Bottom line

Finding the right balance transfer card can be a challenge, as you have to consider many factors. For example, you’ll have to decide if balance transfer fees are worth paying and whether you’d save on interest after transferring a balance if you can’t pay off the full amount within a promotional period.

If you’re ready to apply, consider how you plan to use the balance transfer card. Capital One offers options for flat-rate cash back rewards, bonus cash back, and travel rewards.

Extra Long Intro APR on Purchases & Qualifying Balance Transfers

Wells Fargo Reflect^® Card

4.9

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Wells Fargo Reflect^® Card

Apply Now

Rates and fees

Current Offer

Benefit from a long introductory APR period on purchases and qualifying balance transfers

Annual Fee

$0

Benefits and Drawbacks

Benefits

• 0% intro APR for 21 months from account opening on qualifying balance transfers, then 17.49%, 23.99%, or 29.24% Variable APR
• Up to $600 Cell phone protection when you pay for the cell phone with your card (subject to a $25 deductible)
• $0 annual fee
• The ongoing APR may still be competitive compared to other cards

Drawbacks

• No rewards for spending
• 3% foreign transaction fee
• 5%, min: $5 balance transfer fee
• Limited list of card perks

Card Details

• Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
• 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.49%, 23.99%, or 29.24% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5.
• $0 Annual Fee.
• Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
• Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.

Author Details

Christy Rakoczy

Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.