Many people search for the answer to whether they can credit limit transfer if possible in Capital One. It is important to mention that this America-based financial corporation doesn’t let the customers transfer or combine credit limits.
Capital One allowed credit cardholders to reallocate or transfer their credit limits even a few years back. Unfortunately, this option is unavailable for existing and new Capital One credit card users. So, look for an alternative to Capital One to combine your credit card accounts without restrictions.
Combining credit card accounts seems the best option to increase the credit limit. It also helps to close an existing Capital One credit card account without affecting the credit score. However, you can’t do these in Capital One, so what should you do now?
Don’t opt for a credit limit transfer to get a higher credit limit in Capital One. Request the financial institution for a credit limit increase instead. Certain eligibility requirements are associated with a higher credit limit with Capital One. So, you must check if you’re eligible for the credit limit increase before requesting it from Capital One.
Let’s see how Capital One’s credit limit transfer or combine works:
What Does Combining Credit Limits of 2 Credit Cards Mean?
Capital One no longer accepts credit limit transfer requests from customers. It previously allowed customers to combine their 2 credit cards with the same login details. However, combining two credit cards doesn’t mean combining their available balance.
Do you want to request a credit limit combination or transfer for closing an old Capital One account? Find ways to keep the credit card account active since you can’t combine it with another Capital One account.
You can keep an old Capital One credit card account active in several ways. For instance, you can use it to pay monthly utility bills or streaming services subscriptions. Additionally, you can enable the autopay option to ensure the credit card is used for the monthly payments.
Alternatively, Capital One customers can apply for a new credit card without combining the existing accounts. It will help you get a new line of credit and earn exciting rewards and a sign-up bonus. So, choose the preferred option to improve your credit score instead of only combining two accounts.
Capital One’s Credit Limit Transfer or Combine – What Is It?
As the name implies, Capital One’s credit limit transfer lets you transfer the credit limit from one credit card to another. Let’s say you have a card with a $2,000 credit limit and another with a $ 4,000 credit limit.
You can combine these two credit cards into one, giving you a total $6,000 credit limit. Capital One customers don’t have to worry about losing the available credit limit with the card when closing the old account. Their line of credit limit will remain the same even after transferring the line of credit to another Capital One card.
Transferring the credit limit to another account improves the credit score. Another thing is that you don’t always need to transfer the whole credit limit to your existing account. You can transfer and combine only a portion of the card’s credit limit.
We will make this credit limit-related statement with a clear example. Suppose, you have a card with a $2,000 credit limit and another with a $4,000 credit limit. You can transfer only $1,000 from the first credit card account and $ 4,000 from the next account. So, you will get a $5,000 credit limit in such instances.
Some Credit One users consider transferring only a portion of the credit limit to get rewards. Others request this kind of credit limit to increase the credit on their card.
Is Credit Limit Transfer and Balance Transfer the Same?
Most people think credit limit transfer and balance transfer are the same thing. However, these are two processes used by financial institutions like Capital One. So, what is the purpose of a balance transfer? It lets Capital One customers transfer a balance from one credit card to another.
The amount of money you owe is transferred in a balance transfer. On the other hand, a credit limit is transferred from one Capital One credit card to another in a credit limit transfer. Balance transfers help individuals to repay their debts with 0% APR. However, you can’t do the same with Capital One’s credit limit transfer process.
Best Alternatives to Combine Credit Limits in Capital One
You might have already acknowledged that combining the credit limits of two credit cards is impossible in Capital. Thus, you must seek alternatives to maintain your credit history and score. One wrong step can decline your chance of borrowing credit in the future.
Here are the alternatives that you must apply for to increase your purchasing power on Capital One credit cards:
1. Request for Credit Limit Increase on Capital One
Transferring the credit limit is one of many ways to extend the borrowing power. You can request a higher credit limit for the same purpose. Thus, login to your Capital One account with the mobile app with the correct credentials.
Don’t have the Capital One app? Install it from the Google Play Store if you have an Android phone and the App Store if you use an iPhone. Head to the Account and Feature Settings option and locate the Profile section.
You will find the option to request a higher credit limit in the Profile section. Do you check the credit history or balance from Capital One’s website? Look for the “I Want To” option instead of “Account and Feature Settings”.
Tap the “Request Credit Line Increase” option, then provide the required information like your monthly income. Additionally, Capital One might ask you to share the monthly mortgage, debt or rent payment.
The bank will then review your credit history and available balance to determine eligibility for the credit limit increase. Many Capital One credit card users think that applying for a higher credit limit will affect their credit score – which isn’t true.
You must contact the Capital One customer service representatives to increase the credit limit. What is this bank’s customer service number? You will find it on your Capital One credit card’s backside. Dial the number and provide the details they asked for to request a higher credit limit.
2. Apply for a New Capital One Credit Card
You will get a fresh credit limit by applying for a new credit card from Capital One. However, you must have a good credit score to get a new card; otherwise, the bank won’t approve your request. Access Capital One’s site and choose the credit card type from the list.
Compare the different Capital One credit cards and ensure it matches your needs. The bank will check your age, credit score and identification proofs when applying for a credit card. So, you must provide the documents that support your claim when requesting a new card online.
Do you want to apply for a new credit card from a Capital One branch? Bring government-issued documents and choose the best card for you. Click “Pre-Approval” from the Capital One site to check if you qualify for a new card.
If they approve your request, Capital One will provide you with a virtual card number online. Alternatively, you can request a new credit card by contacting the customer support team.
Alternatives Combine Credit Limits in Capital One
You can also apply for a credit card from Capital One’s partnered companies like the BuyPowerCard. Additionally, you can apply for a new credit card from a trusted credit card issuer. Look for a company that offers credit cards with a lower APR rate. It will help you to pay less interest over time, so ask the issuer before applying for a new card.