Balance transfer credit cards

What is a balance transfer credit card?

A balance transfer credit card lets you move an existing balance from one credit card to another. They usually come with lower interest rates than regular credit cards, and can offer 0% interest for a fixed number of months when you first get the card.

The advantage of a low or zero interest balance transfer credit card is simple. A lower interest rate can help you pay back more of what you actually owe – instead of paying a lot of it towards interest.

A balance transfer credit card can help you save money and pay your balance off sooner. Especially if you can pay off your balance before the 0% interest offers ends. You just have to make sure to always pay at least the minimum payment each month to keep your account up to date. And if you can pay more than the minimum, that’s even better as that will help you clear your balance quicker.

Could I get a Capital One balance transfer credit card?

If you’re over 18 years old and live in the UK (including Northern Ireland) you might be able to apply for one of our balance transfer credit cards. The best way to find out is to use our eligibility checker, QuickCheck, it’s free and will tell you if you’ll be accepted for a Capital One card before you apply.

Can I get a balance transfer card even if my credit score isn’t perfect?

Have you missed a few payments in the past? Or never had credit before? A bad credit history or no credit history at all can be unhelpful if you’re applying for credit. But we think that everyone should have the chance to get the credit they need.

You can use QuickCheck to see if you’ll be accepted for one of our balance transfer cards before you apply. We’ll also be able to tell you if the amount you want to transfer in will be covered by your credit limit or not.

Just because you don’t have a great credit score doesn’t have to be the end of the story.

Is a balance transfer card right for me?

A balance transfer card can be a really useful way of reducing how much you spend paying back what you owe. And it can help you become free from debt quicker. When you have an outstanding balance it means you’ll end up paying more than what you originally borrowed.

If you’re currently paying interest on an existing balance, you can shift it onto our interest free balance transfer credit card. Depending on the offer, you could have up to 18 months without being charged any interest on your balance. Meaning that you can focus on paying back the balance without worrying about any extra costs.

Capital One balance transfer cards offer credit limits up to £6,000. So, you may find that the balance (or balances) you want to transfer is bigger than the credit limit we can offer you. In that case you could still transfer part of your outstanding balance onto one of our cards.

How do you apply for a balance transfer credit card?

The first thing to do when applying for a balance transfer credit card is to make sure that you’ll be accepted. It’s free, fast and easy to do this with Capital One’s QuickCheck eligibility tool. Simply enter your details and in less than a minute you’ll get a definite yes or no. Meaning you can be 100% sure you’ll be accepted before you apply.

To use QuickCheck, we’ll ask you for some personal information that helps us get to know you and your current situation better.

Why is it a good idea to check before I apply?

Every time you apply for something like a loan, a new phone contract or a new credit card, the business you’re dealing with will do a credit check. This will leave a mark on your credit report that other lenders can see. Too many of these marks can look bad.

A eligibility checker like QuickCheck lets you avoid this by doing something called a soft search. This type of search doesn’t leave a mark on your credit file that other companies can see. Making it easier to find out how likely you are to be accepted for a credit card before you apply.

Capital One’s QuickCheck tool will provide you with a definite yes or no answer, without affecting your credit score.

How do you do a balance transfer?

When you apply for a Capital One balance transfer credit card, you’ll have to tell us about the credit or store card you’d like to transfer a balance from and the amount you want to transfer.

Remember, the amount you can transfer plus the transfer fee must fall within your credit limit on your new card.

We’ll then take care of the rest, getting in touch with your other card provider to carry out the transfer. All you have to do is keep making payments on your other card (or cards) until we tell you that the transfer has been completed.

This won’t close you other account or cancel the card you’re transferring from. That’s something you’ll have to do.

Things you should know about balance transfer credit cards

Will you be charged a transfer fee?

You may be charged a one-off transfer fee when you move a balance from one card to another. The fee is usually shown as a percentage of the amount you’re transferring and can change from card to card.

If you transfer a balance of £500 using a card with a 3% fee, for example, this will work out to a one-off charge of £15. Some balance transfer credit cards also charge an annual account fee. Make sure you check the terms and conditions when you apply so you know what you’re signing up for.

Capital One balance transfer credit cards come with a 4% or 3% transfer fee and we don’t charge any annual fees.

You can try our fee calculator to work out what your balance transfer fee might be.

Are you sure what APR you’re getting?

Did you know that credit card providers only have to offer the advertised APR to 51% of people who apply for their cards? This means the remaining 49% could end with a different APR to the one that is advertised. This will often be higher than the headline rate. However, at Capital One we’re a bit different. All our credit card customers get the APR that we advertise.

0% interest isn’t always the best deal

Although 0% interest may sound like a good deal for a balance transfer credit card, the longer the deal lasts the bigger the upfront fee is more likely to be. So, for example, if you think you can clear your balance in five months, you may be better off going with a shorter term deal.

You’ll also need an excellent credit score to qualify for most long term 0% deals.

What happens when your 0% period ends?

Not everyone manages to clear their debt within the offer period. As soon as the 0% interest-free period ends, card providers might start charging you a higher rate of interest. You may find that higher interest rates can end up costing you more and could increase your debt.

Can applying affect your credit score?

When you apply for any form of credit like a balance transfer card, your credit score could go down because you’re taking on more debt and could owe more. But this may only be a short-term thing. If you make your payments on time every month and don’t go over your credit limit, you could reverse that drop in your score and even start to improve it as the months go by.

Never miss a payment

Missing or forgetting to make a payment could cost you more than just a late fee. Some credit card providers will cancel your 0% offer if you break their terms and conditions. Meaning you’ll lose the offer you signed up for.

Capital One won't do this, but missing a payment will affect your credit score and you could be charged a fee. Setting up a Direct Debit to make (at least) the minimum payment each month automatically could help you avoid missing a payment if you have enough cash in your account.

Is there a minimum or maximum amount you can transfer?

With a Capital One balance transfer credit card, the minimum amount you can transfer is £50 plus the . transfer fee. You’ll only be able to transfer an amount that is less than the credit limit of your new balance transfer card. You should also make sure that this balance plus your transfer fee don’t take the total balance over your credit limit.