How to Transfer Capital One Balances

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Capital One offers a wide array of financial products and services, including checking and savings accounts, credit cards, investment services, loans and business services. The company has more than 1,000 branch locations in the United States and serves more than 45 million customers, as of 2014. Capital One allows new customers to transfer balances from other cards to a Capital One card, which can save the customer money through lower interest rates and fees.

Choose Best Deal

If you want to open a new Capital One card for balance transfers, do your homework to find the best transfer deal. Each of Capital One’s credit cards has its own transfer fees, annual percentage rates and stipulations. Some of the cards have no transfer fee, while others charge 3 percent for transfers. Additionally, as of 2014 the APR for each balance transfer varies from zero percent to 24.9 percent. Cards with a zero percent APR typically only offer that deal for a short time as an introductory offer.

Contact Capital One

Capital One allows balance transfers to all of its credit cards either over the phone or online. To transfer over the phone, call the customer service department at 1-800-227-4825. If you want to transfer balances online, log onto your online Capital One account. On the main page of your account, click on the "Transfer a Balance" link and follow the prompts. You can also transfer a balance when you open up a new Capital One account by filling out the accompanying balance transfer application. Whether you transfer a balance online or over the phone, you will need the name of the other creditor or lender, the account number for that account and the amount you want to transfer.

Learn Restrictions

You can transfer balances from other credit cards, personal loans, student loans and auto loans. However, you can't transfer any balances from an existing Capital One credit card, loan or account. To qualify for zero APR or no transfer fee cards, you will need excellent credit with few or no late payments.

Wait for Transfer Approval

After Capital One approves a balance transfer, it sends the payment to your creditor or lender within 10 days. Capital One encourages customers to continue making payments to that creditor or lender until your receive confirmation that the balance transfer payment has gone through. Transferring a balance over to Capital One does not automatically close that account. You must contact the other creditor to close the account once that account has a zero balance.

References

About the Author

Lindsey Thompson began her writing career in 2001. Her work has been published in the Cincinnati Art Museum's "Member Magazine" and "The Ohio Journalist." You'll also find her work on websites like Airbnb, Chron.com, and USAToday.com. Thompson holds a Bachelor of Science in journalism from the Scripps School of Journalism at Ohio University.

Photo Credits

  • Dave & Les Jacobs/Blend Images/Getty Images