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Capital One Balance Transfers: Everything You Need to Know

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capital one balance transfer

When you’re in debt, the two best ways to pay off the balances are debt consolidation and 0% balance transfers. If you can pay off the balances within 1 to 2 years, you’re better off with a credit card balance transfer.

Capital One has several credit cards, including the popular Quicksilver cashback card, with 0% APR balance transfer rates offering a certain period of no interest while you pay down your debt.

Which Debt Payoff Method Is Best?

When you’re in debt, it can affect all facets of your life. Higher levels of debt can lower your credit score, increase your stress, and keep you from getting approved for the most important loans in your life, such as a mortgage.

There are three ways to pay off debt—keep paying as much as you can to lower the balances, obtain a debt consolidation loan or transfer the balances to a zero interest rate credit card.

Debt consolidation loans are good because they will lower your credit card interest rate. They also force you to pay down the loan balance over a specific timeframe because the minimum payment required is a mix of both principal and interest.

Balance transfers are the ideal solution because your interest rate is lowered to zero, which means every dollar that you pay is going to reduce your balance. And you’re not locked into a large payment so you have the flexibility to have a smaller payment in case of an emergency.

Who Should Consider a Balance Transfer?

The people who should consider a balance transfer to pay off their debt are those who will continue to pay down their debt, even though the minimum payment required may be small. The goal is to take advantage of this interest-free time period and accelerate the debt payoff by eliminating interest payments during the grace period.

business woman is signing a document

Because you will be using a credit card for the 0% balance transfer, you must also be able to show restraint and not use the credit card for purchases. While some credit cards extend the interest-free offer to purchases, most will charge interest on new purchases.

What Are the Capital One Balance Transfer Offers?

Capital One offers several balance transfer options with 0% APR.

There are two things I really like about the 0% APR Capital One balance transfer cards. First, they both have great ongoing rewards for spending on the cards, so you can keep them for everyday spend after you’ve paid off your debt.

Second, each of the Capital One Balance Transfer offers also comes with a cash sign-up bonus to help you accelerate your debt payoff.

Capital One Quicksilver Rewards

The Capital One Quicksilver Rewards credit card offers cash back on daily spend with no annual fee, making it a worthy card to keep for years and use as a primary card for daily spending.

This card actually offers two 0% balance transfer options for you to choose from.

For both Capital One balance transfer options, there is a balance transfer fee and the interest rate will reset to a certain rate (based on credit) once the introductory 0% rate expires.

You may hesitate to pay a fee, but there are very few cards that allow for completely free balance transfers. A 3% charge is the standard rate, and you’ll still save hundreds of dollars thanks to the interest-free financing.

Capital One SavorOne Dining Rewards

The Capital One SavorOne Dining Rewards card also offers a 0% rate on balance transfers and purchases  with no annual fee.

This credit card is geared toward people who spend more on dining and groceries because it offers good cash back on these categories.

The Capital One balance transfer fee is the same, but the interest rate is a little higher.

Capital One Cards Offering 0% APR on New Purchases

Capital One also offers some cards that do not charge interest on new purchases as an introductory offer.

One of my friends used a zero interest purchase offer on some much-needed repairs for her home. She was otherwise debt-free but didn’t want to deplete her emergency cash reserves to replace her furnace. Instead, she applied for a new credit card that offered 0% APR on new purchases, then focused on paying it offer before the introductory offer expired.

Capital One VentureOne Rewards

The Capital One VentureOne Rewards card is a no-annual-fee credit card that earns miles for every $1 you spend. You’ll receive a sign-up bonus, but you won’t receive a 0% balance transfer option with this card, but all purchases are interest-free for a certain period of time.

Capital One Spark Miles Select

The Capital One Spark Miles Select card is designed for business owners. It has good earning potential and employee cards can be added at no charge to maximize your earnings.

The Spark Miles Select has no-annual-fee and doesn’t charge interest on purchases for a limited amount of time. This interest-free period will allow growing businesses to invest in their business to create an opportunity for future success.

Capital One Spark Cash Select

The Capital One Spark Cash Select comes with the exact same sign-up bonus and 0% offer on purchases as the Spark Miles Select. However, instead of travel credits, you’ll be earning cash back. If I had to choose a business credit card between the two, I would choose the Spark Cash Select because cash back offers more flexibility than travel credits, all else being equal.

How to Use the Sign-Up Bonus to Your Best Advantage

My approach would be to apply for whichever card works best for you, then spend the minimum required amount to get the bonus right away. Pay off the credit card immediately before the statement closes.

capital one sign up

Then transfer your high-interest balances to your new Capital One card to take advantage of the 0% balance transfer interest rate. When the sign-up bonus posts to your account, use that amount to pay off the balance transfer fee and whatever is remaining to reduce your debt.

How to Do a Capital One Balance Transfer

Once you get the card you want, it’s time to complete the Capital One balance transfer. Thankfully, it’s pretty easy.

Just log in to your account, click More Account Services and select Transfer a Balance. Select the intro offer from the list and fill in the required info. You’ll need to know the name of the bank you’re transferring from, the account number and the amount of the balance.

Bottom Line

Remember that you need to keep your account in good standing by staying within your credit limit and making all minimum payments on time to ensure that you don’t lose your 0% interest rate before the promo expires.

Considering how much my family spends on dining and groceries, I would pick the Capital One SavorOne Dining Rewards over all of the other options. With no annual fee and 0% interest on balance transfers, it is the best of both worlds—a card that will help you eliminate your debt then provide robust rewards for everyday spend.

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