A 4-Year Balance Transfer
Credit card issuer Capital One has been sending out some targeted balance transfer offers to its customers with low promotional APR for as long as 48 months.
Sadly, it’s not a 0% balance transfer offer, though the rate is much lower than what the average credit card holder pays to carry a balance.
Per a myFICO forum post, one current Capital One customer recently received a “6.99% APR balance transfer for 48 months” via e-mail and has a screenshot to prove it.
It’s unclear what the balance transfer fee is, but if it’s zero, this is a pretty solid deal for someone with lots of debt that needs a lot of time to pay it all off. Four long years to be exact.
Of course, it could carry the standard 3% balance transfer fee, which isn’t exactly stellar with plenty of 0% offers available (and some even with no fee!).
The headline grabber here is that the balance transfer APR stays in effect for an astounding 48 months. The downside is that the APR isn’t as low as it could be.
Still, this offer (and ones like it) may make sense for someone looking for a life of the transfer offer that’s sick of moving credit card debt from one 0% APR card to the next.
Even Better Offers May Be Available
The original poster was immediately countered by another forum dweller with a similar balance transfer offer that came with 5.99% APR, which is clearly even better. So it appears as if Capital One sends out all types of different balance transfer offers to its customers with varying terms, some good, some bad, and others just okay.
The takeaway here is to keep an eye out for personalized balance transfer offers from Capital One (and other issuers while you’re at it) to ensure you don’t miss a great opportunity to save some money.
If you aren’t currently opted into e-mail promotions with Capital One, make sure you change your settings so they can target you as well.
Assuming you don’t want any more e-mails (I don’t blame you!), you can also simply log-in to your Capital One account to see what balance transfer offers are currently available to you and perhaps you only.
For the record, this can be done with most of the major credit card issuers, including Chase, Discover, and the other big players.
(photo: Marcin Wichary)