Capital One Balance Transfer Credit Cards Review
Capital One offers a variety of balance transfer options aimed at helping consumers manage their debt more efficiently. This review delves into the specifics of the balance transfer offers available with different Capital One credit cards, examining their features, perks, and potential drawbacks. Whether you’re a current cardholder or considering applying for a new card, this comprehensive guide will help you make an informed decision.
What is a Balance Transfer?
A balance transfer involves moving an existing balance from one credit card to another, typically to take advantage of lower interest rates. Capital One offers balance transfer options on both new and existing cards, allowing cardholders to potentially save on interest and consolidate debt.
Capital One Balance Transfer Offers
Capital One VentureOne Rewards Credit Card
Key Features:
- 0% intro APR on purchases and balance transfers for 15 months.
- Variable APR of 19.99% – 29.99% after the introductory period.
- Balance transfer fee: 3% for the first 15 months, 4% at a promotional APR.
- Annual fee: $0.
Perks:
- Earn 20,000 miles after spending $500 within the first three months.
- 5 miles per dollar on hotels and rental cars booked through Capital One Travel.
- 1.25 miles per dollar on every other purchase.
Capital One Quicksilver Cash Rewards Credit Card
Key Features:
- 0% intro APR on purchases and balance transfers for 15 months.
- Variable APR of 19.99% – 29.99% after the introductory period.
- Balance transfer fee: 3% for the first 15 months, 4% at a promotional APR.
- Annual fee: $0.
Perks:
- Earn a $200 cash bonus after spending $500 within the first three months.
- 1.5% cash back on every purchase.
- 5% cash back on hotels and rental cars booked through Capital One Travel.
Capital One SavorOne Cash Rewards Credit Card
Key Features:
- 0% intro APR on purchases and balance transfers for 15 months.
- Variable APR of 19.99% – 29.99% after the introductory period.
- Balance transfer fee: 3% for the first 15 months, 4% at a promotional APR.
- Annual fee: $0.
Perks:
- Earn a $200 cash bonus after spending $500 within the first three months.
- 3% cash back on dining, entertainment, popular streaming services, and grocery stores.
- 5% cash back on hotels and rental cars booked through Capital One Travel.
- 8% cash back on Capital One Entertainment purchases.
- 1% on all other purchases.
How to Do a Balance Transfer with Capital One
Using an Existing Capital One Card
If you already have a Capital One card, you can request a balance transfer online. You’ll need to provide details such as the amount you wish to transfer and the account information of the card issuer from which you’re transferring the balance.
Applying for a New Capital One Card
For those not currently holding a Capital One card, you can apply for one with an introductory APR offer. Note that applying for a new card may result in a hard inquiry on your credit report, potentially causing a temporary drop in your credit score.
Steps After Requesting a Balance Transfer
- Approval: Once approved, the balance transfer process begins immediately.
- Processing: It can take up to 10 business days for the transfer to complete.
- Payments: Continue making payments on your old account until the transfer is confirmed.
- Check Status: Monitor the transfer status through your Capital One account online.
Capital One Balance Transfer Fees
Balance transfer fees vary depending on the card and the promotional APR period. Typically, a fee of 3% to 4% applies during the introductory period.
| Card Name | Introductory APR | Balance Transfer Fee | Post-Introductory APR |
|---|---|---|---|
| VentureOne Rewards | 0% for 15 months | 3% for 15 months, then 4% | 19.99% – 29.99% |
| Quicksilver Cash Rewards | 0% for 15 months | 3% for 15 months, then 4% | 19.99% – 29.99% |
| SavorOne Cash Rewards | 0% for 15 months | 3% for 15 months, then 4% | 19.99% – 29.99% |
Frequently Asked Questions (FAQs)
What credit cards can I do a balance transfer with from my Capital One card?
Many Capital One credit cards permit balance transfers, including the VentureOne, Quicksilver Cash Rewards, and SavorOne Cash Rewards cards. It’s advisable to transfer balances to cards offering introductory APRs for balance transfers.
How can I receive a balance transfer offer from Capital One?
You can request a balance transfer online through your Capital One account or by calling the number on the back of your card. For introductory APR offers, you need to apply for a card that provides such opportunities.
How often does Capital One let you do a balance transfer?
There are no specific rules on the frequency of balance transfers. However, the total amount you can transfer is limited by your card’s credit limit and the balance transfer offer.
Can I transfer my Capital One balance to another card?
Yes, you can transfer a balance from Capital One to another card issuer, provided the other issuer allows balance transfers.
Tips for Maximizing Balance Transfers
Find the Best Card
Look for cards offering the longest 0% introductory APR period, typically between 12 to 24 months, to maximize your interest savings.
Calculate Monthly Payments
Determine how much you need to pay each month to clear the balance within the 0% APR period. Divide your total balance by the number of months in the introductory period to find this amount.
Look for No Balance Transfer Fee
Some cards offer no balance transfer fees, though they are rare. Avoid high APR cards, even if they don’t charge a transfer fee, as this can be more costly in the long run.
Read Terms and Conditions Carefully
Always read the terms and conditions of any credit card offer. Look out for:
- Balance transfer fees
- Purchase APRs
- Post-introductory balance transfer APRs
- Grace periods for new purchases
- How interest is applied to new purchases
Best Practices for Balance Transfers
Balance transfers can be a strategic tool for managing debt. Here are some best practices to ensure you get the most out of a balance transfer:
- Choose the right card: Opt for cards with long introductory APR periods and low or no transfer fees.
- Plan your payments: Make sure you can afford to pay off the balance within the introductory period to avoid high interest charges later.
- Monitor your accounts: Keep an eye on your old and new accounts to ensure the transfer completes smoothly and you avoid missed payments.
- Keep old accounts open: Closing old accounts can negatively impact your credit score by reducing your credit history length and increasing your credit utilization ratio.
The Bottom Line
Capital One offers several attractive options for balance transfers, each with its own set of perks and considerations. Whether you’re looking to save on interest, consolidate debt, or simply manage your finances more effectively, understanding the specifics of each card can help you choose the best option for your needs. Always remember to read the fine print and plan your payments to make the most of your balance transfer.
