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Capital one consolidating credit card debt

The company's decision would depend on various factors, such as the customer's credit profile, history with the company and other debt.Customers need to call to make the card-combination When combining cards, you lose the closed card's terms and features, so decide carefully, says Nessa Feddis, a senior vice president at the American Bankers Association.

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Merging two credit limits avoids the usual risk of closing a card -- the lowered overall "Essentially, this is something we could consider," says Marina Hoffman Norville, vice president of corporate, financial and risk public relations for American Express.First, combining cards reduces the number of accounts you have to handle, Herbst-Murphy says."You've got one less statement to open, one less bill to pay and one less account to check online," she says.If you can’t pay off the entire balance, you may wind up paying retroactive interest on the whole thing.And the ongoing interest rate you pay on a credit card will almost invariably be much higher than what you’re paying on a student loan, auto loan or mortgage. Most credit cards charge 3% to 5% of the balance you’re transferring, so a $5,000 student loan would cost you $150 right off the bat.Additionally, our star ratings are a mix of user feedback and Nerd Wallet’s independent evaluation which are independent of compensation. Because the answer varies by issuer, it’s an important piece of information for those trying to choose among balance transfer cards.

For a list of all of our advertising partners, click here' You can trust that we maintain strict editorial integrity in our writing and assessments; however, we receive compensation when you click on links to products from our partners and get approved. Moving debt to a low-interest credit card or balance transfer card seems like a good solution for those trying to climb out of the debt hole. We checked with the eight largest credit card issuers for their policies on what debts cardholders can transfer to their cards.

Card combining is "usually something the customer has to request." Some issuers let you combine cards Capital One is open about card combining.

It advertises the option to cardholders on its website and spells out how its card combining process works.

If you had a balance on that card, you couldn’t transfer it to a Chase card, such as the Chase Slate.

Before choosing a card for balance transfers, make sure you know the affiliate relationships involved.

A personal loan won’t have a 0% interest rate, but its rate will be lower than the high interest you’re probably paying on your credit cards now.