Balance Transfer Credit Cards | Compare Balance Transfer Cards | Offers | Capital One (2024)

FAQs

What is the balance transfer offer Capital One? ›

A balance transfer lets you move debt from one or more accounts to another. Transferring high-interest debt to a credit card with a low or 0% introductory APR may help you consolidate payments, save on interest and pay off debt faster.

Capital One Quicksilver Cash Rewards Credit Card: This card offers a 0 percent introductory APR on both purchases and balance transfers for 15 months, followed by a variable ongoing APR of 19.99 percent to 29.99 percent.

Balance transfers are risky for credit card issuers — they're taking on existing debt from someone who might already be struggling to repay it. So balance transfer offers are typically available only to consumers with good to excellent credit. That typically means a credit score of 690 or better.

Keep in mind, you cannot transfer balances between two Capital One accounts and the total amount of your transfer, including any applicable fees, cannot exceed the amount for which you are eligible. This can be found within your Balance Transfer offer.

Penalty APR: Missing a payment could mean forfeiting your introductory APR and triggering a penalty APR. Bad for some debt: It's unwise to transfer low-interest debt to the card if you can't pay the balances off before the introductory offer expires since you may end up paying higher interest rates than before.

Where accessibility is concerned, the Capital One Platinum Credit Card beats the Capital One Quicksilver Cash Rewards Credit Card. Those who have fair or average credit cannot qualify for the Quicksilver, which requires at least good credit. For that consumer cohort, the Platinum wins over the Quicksilver by default.

What is the credit limit on a secured Capital One card? Your credit limit will be equal to your security deposit. The minimum requirement for the Quicksilver Secured is $200, but you can go as high as $1,000 to $3,000, depending on your creditworthiness.

The Capital One Quicksilver Card is fairly hard to get because it requires good to excellent credit for approval (a credit score of at least 700 is recommended). You also need a steady income to qualify for the Capital One Quicksilver (see Rates & Fees) card, among others.

A balance transfer can improve your credit over time as you work toward paying off your debt. But it can hurt your credit if you open several new cards, transfer your balance multiple times or add to your debt.

What happens to an old credit card after a balance transfer? ›

After a balance transfer takes place, your old account remains open. The original card issuer will typically only close your account if you make a request for it to do so. Unless you have a good reason to cancel your old credit card, however, you may want to think twice before you close the account.

Not taking into account the balance transfer fee

A balance transfer credit card can save money on interest, but it's not without cost. In most cases, the amount you move over will be subject to a balance transfer fee — typically 3% to 5% of the total amount transferred.

A balance transfer credit card moves your outstanding debt from one or more credit cards onto a new card, typically with a lower interest rate. Many balance transfer credit cards feature a low or 0% introductory APR, allowing you to save money on interest payments.

A balance transfer can affect your credit score, depending on 1) if you open a new card to transfer a balance and 2) what you do once your balances have been transferred. If you simply move your balances around on your existing cards, your credit score likely won't be impacted.

If you are currently carrying a high balance on a credit card with a high interest rate, taking advantage of a balance transfer to move your high-interest balance to a lower interest card can be a big benefit. It's a great way to pay down your debt quickly by lowering the total amount you're paying in interest.