Capital One Balance Transfer Mastercard review 2021 | 34.9% rep. apr | Finder UK

Capital One Balance Transfer Mastercard review 2021

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Capital One's credit card for applicants with lower credit scores.

You say: ★★★★★We say: ★★★★★

Representative example: When you spend £1,200 at a purchase rate of 34.94% (variable) p.a., your representative rate is 34.9% APR (variable).

34.9%

Representative APR

6 months

0% interest on money transfers

£0

Account fee

6 months

0% interest on balance transfers

Details

IssuerCapital One
NetworkMastercard
Annual/monthly fees£0
Balance transfers0% for 6 months reverting to 34.94%
Balance transfer fee3%
Purchases34.94%
Purchases interest-free periodUp to 56 days
Money transfers0% for 6 months reverting to 34.94%
Cash advances34.94%
Min credit limit£200
Max credit limitSubject to status: £1,500
Additional cards available3

Expert review

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Review by


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.

Expert review

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

Pros

  • Applicants with low credit scores may be eligible
  • No annual fee

Cons

    How does this card compare with other similar cards on the market?

    Table: sorted by representative APR, promoted deals first
    Data updated daily
    Name Product Balance transfers Balance transfer fee Purchases Annual/monthly fees Rep. APR Incentive Link
    Santander Everyday Credit Card
    0% for 18 months reverting to 20.9%
    0% for 18 months reverting to 3% (min. £5)
    0% for 3 months reverting to 20.9%
    £0
    20.9% (variable)
    Earn up to 15% cashback with your selected Retailer Offers at selected major retailers.
    Representative example: When you spend £1,200 at a purchase rate of 20.9% (variable) p.a., your representative rate is 20.9% APR (variable).
    Check eligibility
    More Info
    The NatWest Balance Transfer Credit Card (eligibility criteria apply)
    0% for 18 months reverting to 21.9%
    0%, transfers must be made within the first 3 months of account opening
    0% for 3 months reverting to 21.9% p.a. (variable)
    £0
    21.9% (variable)
    Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable), your representative rate is 21.9% APR (variable).
    Check eligibility
    More Info
    M&S Bank Transfer Plus Mastercard
    0% for 29 months reverting to 21.9%
    2.75% (min. £5)
    0% for 3 months reverting to 21.9%
    £0
    21.9% (variable)
    Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
    Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
    Check eligibility
    More Info
    The Royal Bank Balance Transfer Credit Card (eligibility criteria apply)
    0% for 18 months reverting to 21.9%
    0%, transfers must be made within the first 3 months of account opening
    0% for 3 months reverting to 21.9% p.a. (variable)
    £0
    21.9% (variable)
    Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable), your representative rate is 21.9% APR (variable).
    Check eligibility
    More Info
    HSBC Balance Transfer Credit Card
    0% for 25 months reverting to 21.9%
    2.85% (min. £5)
    0% for 3 months reverting to 21.9%
    £0
    21.9% (variable)
    Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
    Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
    Check eligibility
    More Info
    M&S Bank Shopping Plus Credit Card
    0% for 20 months reverting to 21.9%
    2.9% (min. £5)
    0% for 20 months reverting to 21.9%
    £0
    21.9% (variable)
    Earn 1 point for every £1 spent at Marks and Spencer's and 1 point for every £5 spent elsewhere. 100 points = £1 reward voucher. Points will be converted into reward vouchers 4 times a year.
    Representative example: When you spend £1,200 at a purchase rate of 21.9% (variable) p.a., your representative rate is 21.9% APR (variable).
    Check eligibility
    More Info
    HSBC Purchase Plus Credit Card Visa
    0% for 18 months reverting to 22.9%
    2.9% (min. £5) for transfers in first 60 days
    0% for 18 months reverting to 22.9%
    £0
    22.9% (variable)
    Discounts and exclusive offers for dining experiences, leisure activities and shopping available through HSBC Home and Away.
    Representative example: When you spend £1,200 at a purchase rate of 22.9% (variable) p.a., your representative rate is 22.9% APR (variable).
    Check eligibility
    More Info
    Santander All in One Credit Card
    0% for 26 months reverting to 17.9%
    0% for 26 months reverting to 3% (min. £5)
    0% for 20 months reverting to 17.9%
    £3 per month
    23.7% (variable)
    0.5% cashback after £1 of monthly spend. Cashback paid monthly into card account. Maximum spend for cashback purposes is limited to credit limit.
    Representative example: When you spend £1,200 at a purchase rate of 17.9% (variable) p.a. with a fee of £3 per month, your representative rate is 23.7% APR (variable).
    Check eligibility
    More Info
    John Lewis and Waitrose Partnership Mastercard
    0% for 18 months reverting to 18.9%
    2.9% (min. £5) at anytime reverting to 3% (min. £5)
    0% for 9 months reverting to 18.9%
    £0
    18.9% (variable)
    Earn 5 points for every £4 spent in store or online at John Lewis, Waitrose and John Lewis Insurance. Earn 1 Point for every £4 spent elsewhere. Vouchers issued once customer reaches 500 points in Feb, Jun or Oct when vouchers are automatically issued to customers. Every 500 points is worth £5.
    Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
    More Info
    first direct Credit Card
    0% for 27 months reverting to 18.9%
    2.29% (min. £5) for 3 months reverting to 2.9% (min. £5)
    18.9%
    £0
    18.9% (variable)
    Representative example: When you spend £1,200 at a purchase rate of 18.9% (variable) p.a., your representative rate is 18.9% APR (variable).
    More Info
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    Compare up to 4 providers

    Approval for any credit card will depend on your status. The APR shown represents 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.

    Repayment options

    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" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) 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 (£173.37), it'll cost you around £4.77.

    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%.

    Finder credit card ratings

    ★★★★★ — Excellent
    ★★★★★ — Good
    ★★★★★ — Average
    ★★★★★ — Subpar
    ★★★★★ — Poor

    Our experts score balance transfer cards to determine their value against similar products on the market. We look at a number of important factors, like the length of the balance transfer offer, the balance transfer fee, any restrictions to making a transfer, plus the potential costs involved with running the card both in the short and longer term.

    You can read more about our scoring criteria on our credit card methodology page.

    We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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