How to Do a Balance Transfer With Capital One

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Updated on Thursday, August 23, 2018

Balance transfers can be a great way to get out of debt if you currently have a balance on a high interest credit card. By transferring your balance to a card with a low or 0% intro APR period, you receive more time to pay off your debt, and can avoid incurring interest charges on your balance — so long as you pay it in full before the intro period ends.

In this guide, we provide step-by-step instructions on how to complete a balance transfer with Capital One online and over the phone. The submission process should only take a few minutes. Before you transfer your balance to a Capital One credit card, beware that there are better balance transfer offers available from other issuers.

While the balance transfer offers from Capital One offer a decent amount of time to pay off debt, they don’t come with the $0 intro balance transfer fee that many cards from other major issuers provide. The fee is typically 3% and can add up if you transfer a large balance. For example, transferring $5,000 in debt will incur a $150 fee, when you can find another card that offers an intro $0 balance transfer fee, saving you $150.

We recommend the following cards that may offer a longer intro period:

Chase Freedom®

The information related to Chase Freedom® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Freedom®

Regular Purchase APR
14.99% to 23.74% Variable
Intro Purchase APR
0% Intro APR on Purchases for 15 months
Intro BT APR
0% Intro APR on Balance Transfers for 15 months
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
Balance Transfer Fee
3% when you transfer during the first 60 days of account opening, with a minimum of $5
Credit required
good-credit

Excellent/Good

>>For more balance transfer cards, check out our roundup.<<

Complete your transfer online

1. In the account dashboard, click on “More Account Services.”

2. Under “Offers and Upgrades,” choose “Transfer a Balance.”

3. Select a BT offer.

The above offers and/or promotions may have since changed, expired, or are no longer available.

4. If you have two-factor authentication, this comes up.

5. Choose how you want to do your BT.

The above offers and/or promotions may have since changed, expired, or are no longer available.

6. Enter the credit card number from the card with your debt and the amount you want to transfer. It’s okay to leave the credit available number.

7. When you enter the card info, it asks you if the credit card issuer is correct (see Amex note in the top right), and when you enter the transfer amount, it shows you the fee. Click “View the Terms & Conditions.”

8. Read the T&C and then click “Accept Terms & Conditions.”

9. Then review the offer and click “Submit Request.”

The above offers and/or promotions may have since changed, expired, or are no longer available.

Complete your transfer by phone

If you rather complete a transfer over the phone, simply call the number on the back of your card to speak to a representative. Have the following information ready:

  • Name on the account with the debt
  • Amount to be transferred

Capital One balance transfer rules

  • Request your balance transfer as soon as possible. Unlike some other cards that require balances to be transferred within 60 days of account opening to qualify for intro offers, Capital One allows you to transfer a balance any time during the intro period. But the longer you wait, the less time you have to take advantage of the offer.
  • Review the terms of your balance transfer offer to verify they’re correct. Make sure you receive the offer you expected and note when the intro period ends.
  • Continue to make payments toward your balance until the balance transfer posts to your account. This may take up to 14 days.
  • Pay each bill on time since late payments may cause Capital One to cancel the offer.
  • Keep spending to a minimum so you don’t rack up more debt. Your goal should be to pay off your balance and excessive spending can lead you to fall into more debt.

Capital One balance transfer cards

If you haven’t applied for a Capital One balance transfer card yet, you might want to consider balance transfer cards from other issuers that offer intro $0 balance transfer fees. However, if you decide to open a Capital One card offering an intro 0% APR period for balance transfers, here are our top picks:

 

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