How to do a balance transfer with Capital One

A balance transfer can be a cost-effective way to get out of credit card debt when used wisely. When you transfer a balance, you’re moving debt from one credit card to another. This can help you pay down your debt faster and save money on interest with a 0% introductory APR offer on a new credit card — or an offer on an existing card.

The best balance transfer cards with 0% APR will give you enough time to pay off your balance in full before you have to start paying interest. With some card issuers, this can buy you as long as 21 months to pay off your debt, though most Capital One 0% intro APR offers give you 15 months before interest kicks in.

Keep in mind that Capital One does not allow cardholders to transfer a balance from one Capital One card to another. So, the balance you wish to transfer should be on a card from another issuer — such as Citi, American Express or Chase, to name a few. 

How to do a balance transfer with Capital One

Capital One allows both new and existing cardholders to transfer a balance to a Capital One card. The amount of your balance transfer cannot exceed the credit limit on your card, and you’ll need to factor in the balance transfer fee as well as any existing balance. So, if you want to transfer a $5,500 balance to a new Capital One card that charges a 3% balance transfer fee, you’ll need at least $5,665 in available credit on your chosen card. The tricky part is that you won’t know your new credit limit until after you apply and get approved for a new card.

Also, keep in mind that you won’t earn rewards on your balance transfer, and you’ll need to continue making on-time payments on your previous card until you get confirmation that your transfer is complete. To do a balance transfer, follow these steps. 

How to do a Capital One balance transfer for new cardholders

1. Check your credit. You want to make sure you’re likely to qualify for a card with a 0% APR balance transfer offer as these cards often require good to excellent credit. Keep in mind that a new card application will trigger a “hard inquiry” when the lender checks your credit, which could cause a minor dip in your credit score. But Capital One has a preapproval tool that lets you see if you’re likely to be approved with no hard inquiry.
2. Research Capital One cards with a 0% intro APR balance transfer offer. Be sure to compare factors such as the length of the introductory APR period, balance transfer fees and any perks and benefits the card offers. Then use the preapproval tool to check your chances.
3. Submit an application online. You might be able to request a balance transfer and enter the details of the card on which you’re carrying a balance while filling out your application. Many cards give you plenty of time to transfer a balance. For example, the Capital One Quicksilver Cash Rewards Credit Card * The information for the Capital One Quicksilver Cash Rewards Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. will give you a 0% intro APR on purchases and balance transfers for 15 months, then a 19.99% to 29.99% variable APR. There is a 3% fee on each balance transfer in the first 15 months but no fee for amounts transferred at the purchase APR after the first 15 months. But the sooner you make the transfer, the more time you have to take advantage of the no-interest period to knock out your debt.
4. Verify that the payment has posted to your old credit card account. Keep making payments as normal until this happens. 
5. Work towards knocking out the debt. Aim to pay enough each month to clear the debt before the introductory period ends, if possible.

How to do a Capital One balance transfer for existing cardholders

1. Decide how much you want to transfer. To do this, list your debts and their interest rates. If you can’t transfer all of your high-interest debts, prioritize those with higher interest rates.
2. Log into your account. Select the card to which you want to transfer a balance, and click “I want to.”
3. Navigate to the “offers and upgrades” section. Then click “transfer a balance.”
4. Check to see if you have any offers. You might be eligible for a promotional APR or to get the balance transfer fee waived. Keep in mind that offers for existing customers may include a lower interest rate, but not necessarily the same 0% intro APR that may be used to entice someone to apply for a new card. If you see an offer you like, press “select offer.”
5. Choose how you would like to complete the transfer. You will likely choose the option “Transfer from another account.”
6. Enter the account information of the account from which you want to transfer your balance. Your account number is different from your credit card number. To determine your account number, you can contact your card issuer. Most account numbers are the digits that remain after you take out the first six digits and the final digit from your card number.
7. Enter the amount of the transfer. This is the dollar amount you’re looking to move.
8. Review the information and submit your request. Then, wait for the transfer to go through. This can take anywhere from three to 14 days with Capital One.
9. Once the balance has been transferred, start paying off your balance. Make and stick to a plan to pay off the balance within the introductory period so you can save on interest or avoid having to do another balance transfer with another fee in the future.

Alternatively, you can request a balance transfer over the phone by calling the Capital One customer service number on the back of your card.

Things to consider before you transfer a balance with Capital One

Before you try to transfer a balance, you should be sure you qualify for a balance transfer. Many of the top balance transfer 0% intro APR credit cards are geared toward applicants with good to excellent credit. If you have poor or fair credit, you may still be able to find a balance transfer card for which you can qualify, but the introductory APR period might be shorter or the interest may be higher. Capital One offers a preapproval tool so you can find out before applying if you’re likely to qualify for one of their balance transfer cards.

You should also be sure that transferring a balance is a smart financial move. Consider the amount you plan on transferring and how much interest you’re likely to pay over the life of the balance if you keep it on the current card. Compare that amount to the balance transfer fee and determine how much you’ll need to pay each month to wipe out your balance during the introductory period. Comparing these numbers, and making sure you can realistically pay off the balance before interest kicks in, may help you make your decision.

Frequently asked questions (FAQs)