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Frequently Asked Questions

Balance Transfers

Balance transfers are currently unavailable for Costco cardholders.

  • What is the balance transfer service?

    Our balance transfer service can save you money by transferring your higher-interest balances from other credit cards, store cards and loans to your Capital One® credit card. You can use this service for personal loans, auto loans and other similar accounts, in addition to store cards and credit cards. Balance transfers can only be made between Canadian accounts.

  • How much can I transfer?

    You can transfer any amount up to your available credit limit. It’s a good idea to keep some of your available credit limit open to cover any interest or annual fees that may be charged. This is to help ensure you don’t go over your credit limit.

  • Is there a minimum transfer amount?

    Yes, there’s a minimum of $300 for each balance transfer you request.

  • Is there a fee when I transfer a balance?

    From time to time, we may give you a special offer on balance transfers. These offers will normally have a set expiry date that you must transfer a balance by. In this case, there may be a fee for balances transferred. We’ll always clearly disclose if there’s a fee before you request a balance transfer. If you’d like to transfer a balance at your standard balance transfer rate, you will not be charged a fee.

  • How do I make a balance transfer?

    You can transfer a balance to your Capital One account using online banking. Or, call our 24/7, toll-free customer service number at 1‑800‑481‑3239.

  • What information do I need to transfer a balance?

    We only need the important stuff:

    • The name and address of the creditor you’re transferring a balance from
    • The credit card or account number where the balance is today
    • The amount you want to transfer
  • Can I transfer a balance at any time?

    Yes, you can transfer balances to your Capital One card whenever you want. Standard balance transfers are made at the standard balance transfer rate. Special balance transfers are made at a rate disclosed in the offer. Just make sure your account is in good standing. In good standing means not past due, over limit, fraudulent, restricted or part of a consumer credit counseling program or bankruptcy.

  • How long does it take for the transfer to be processed?

    Most balance transfers take three to four weeks to process, but in rare cases, your balance transfer could take up to six weeks to be processed. In the meantime, you should continue to make any payments on your other accounts until you see that a credit has been made to those accounts.

  • If Capital One pays off the entire amount, will my other accounts be closed?

    Capital One will not close your accounts. If you want to close an account, you must contact your other creditors directly.

  • What happens if there’s a problem with the transfer and my balance at the other creditor isn’t paid?

    In the unlikely event that we’re unable to process a balance transfer request, you’ll receive notification from us by mail. The letter will list the reasons we were unable to process the request. If possible, we’ll work with you to try to resubmit the balance transfer.

  • What types of balances can I transfer?

    Some popular options include other credit or retail cards, lines of credit or loans. Any debt with a higher interest rate could be a good candidate for a balance transfer.

  • Can I transfer money to my bank account?

    No, you can only transfer balances from other creditors.

  • Can I transfer a balance to my card from a U.S. account?

    No. Unfortunately we can’t accept balance transfers between U.S. and Canadian accounts.