When you transfer a balance from one card to another, you transfer the amount of money you owe – not the credit limit associated with the card. It’s important to note that a credit card limit transfer is not the same thing as a balance transfer. Others transfer a portion of their credit limit so they can increase the purchasing power of their primary spending card. Some people choose to request this kind of credit limit transfer in order to take advantage of a top rewards credit card. If you had a credit card with a $3,000 credit limit and a card with a $5,000 credit limit, you could transfer $2,000 of credit from the card with the $3,000 limit, giving you a card with a $1,000 credit limit and a card with a $7,000 credit limit. You could also transfer a portion of one credit limit to another credit card. Since you transferred that line of credit to another card, your total credit limit will remain unchanged, and you won’t have to worry about the loss of available credit hurting your credit score. Then, you could close the other account without worrying about losing the available credit associated with that account. If you have a card with a $3,000 credit limit and another card with a $5,000 credit limit, for example, you could combine those two credit limits onto a single card, giving you a credit account with an $8,000 credit limit. What is a credit limit transfer?Ī credit limit transfer is exactly what it sounds like: Taking some (or all) of the credit limit allocated to one credit card and transferring it to another credit card. It won’t be the same thing as transferring a credit limit to another card on Capital One, but it will get you a new card with a fresh credit limit. This way, you’ll get a new line of credit and the opportunity to earn some of Capital One’s best rewards and sign-up bonuses. You can also apply for a new Capital One credit card. If you want to combine Capital One cards before closing out an old credit account, look for ways to keep the old account active instead, such as using your old Capital One credit card for a single recurring monthly payment (like Netflix or your gym membership) and setting up autopay to ensure that the credit card bill always gets paid on time. If you have a history of responsible credit use, your request might be granted right away. If you were considering a credit limit transfer in order to give yourself a higher credit limit on one of your Capital One credit cards, you might want to request a credit card limit increase instead. This means that if you were thinking about combining Capital One credit card accounts in order to take advantage of a higher credit limit – or close an old Capital One account without hurting your credit score – you’re going to have to come up with another way to solve your problem. While Capital One credit limit transfers were possible a few years ago, Capital One no longer lets you combine credit limits. Can you transfer your credit limit from one Capital One card to another? Unfortunately, the answer is no.
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