Approval for any credit card will depend on your status. The representative APRs shown represent the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Capital One Balance Transfer Mastercard review 2022
Capital One's credit card for applicants with lower credit scores.
You say: ★★★★★We say: ★★★★★
Doing its job: 3/5
In a nutshell:
0% interest on money transfers
0% interest on balance transfers
|Balance transfers||0% for 6 months reverting to 34.94%|
|Balance transfer fee||3%|
|Purchases interest-free period||Up to 56 days|
|Money transfers||0% for 6 months reverting to 34.94%|
|Min credit limit||£200|
|Max credit limit||Subject to status: £1,500|
|Additional cards available||3|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
Capital One is known for providing credit cards for bad credit, and this card is no exception, offering a competitive balance transfer deal for those with lower credit scores.
However, it comes with a maximum credit limit of £1,500, and the 0% interest period is only 6 months, which is reasonable for a card geared towards those with bad credit, but might not suit those struggling to pay off a large existing balance.
It’s also worth noting that the balance transfer facility comes with a 3% fee attached, and that after the 0% introductory period any outstanding balance will start to accrue debt at the card’s standard purchases rate (see table below).
Pros and cons
- Applicants with low credit scores may be eligible
- No annual fee
- As with most credit builders, this card packs a fairly steep interest rate on purchases
- Don't forget that balance transfers will incur a transfer fee
How does this card compare with other similar cards on the market?
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
You can make manual repayments through Capital One's app, by logging in to your online banking or over the phone (03444 812 812). Alternatively, you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £12). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 6 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you've compared cards and settled on the Capital One Balance Transfer Mastercard, completing the secure online application form takes about 15 minutes. Before you apply, check that you meet the eligibility requirements and have the information and documents you'll need to make the process as straightforward as possible. You can request a balance transfer as part of your application.
Frequently asked questions
What credit limit will I get with the Capital One Balance Transfer Mastercard?
If Capital One is able to offer you this deal, the offer will specify a personalised credit limit based on Capital One's assessment of your situation. The minimum limit offered on the card is £200, while the maximum is £1,500. Once you've had the card for a while and shown Capital One that you're reliable, you may wish to apply for a credit limit increase.
Can I withdraw cash using the Capital One Balance Transfer Mastercard?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (such as withdrawing cash at an ATM, getting cashback at the till, spending at a casino or buying currency) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Capital One Balance Transfer Mastercard is 3% (min. £3). For example, if you withdraw £50, you'll incur a fee of £3.00. Withdraw £250, and you'll incur a fee of £7.50.
The interest rate on this part of your balance will be 34.94%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 56 days interest-free" grace period won't apply).
How much does it cost to use the Capital One Balance Transfer Mastercard abroad?
Non-sterling transactions are subject to a 2.75% charge. For example, if you spend 200 euros (£167.22), it'll cost you around £4.60 in fees.
Can I transfer money from the Capital One Balance Transfer Mastercard to a bank account?
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Capital One's app. New customers will pay no interest on this part of their card's outstanding balance for up to 6 months. The fee for a money transfer is 3%.