What’s an Interest Saver Payment?

Find out how Interest Saver Payments are calculated and when they’re available after you move a balance to Capital One.

When it comes to credit card interest, why pay more than you have to? 

Did you know that Capital One sometimes offers the chance to transfer balances at a promotional rate? View important rates and disclosures. And if you take advantage of that offer, there’s a way you can avoid interest charges on new purchases? They’re called Interest Saver Payments.

So what is an Interest Saver Payment? How is it calculated? And where can you find the Interest Saver Payment on your Capital One account? Keep reading to get the answers to those questions and more. 

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What’s an Interest Saver Payment?

If you’re carrying a balance, an Interest Saver Payment is how much you need to pay to avoid interest on new purchases during a balance transfer’s promotional period.

During a balance transfer promotional period, you can only avoid interest on purchases for the period between the purchase date and the next billing cycle date. And if your promotional rate isn’t zero, you’ll still be charged interest for your balance transfer. 

The Interest Saver Payment includes the minimum payment plus all your non-promotional balances. That might include things like purchases, cash advances, fees and finance charges.

Interest Saver Payments are available to Capital One customers who accept a promotional APR balance transfer offer. View important rates and disclosures. But they don’t last forever. After the promotional period, the rate on any remaining balance will change to a standard purchase rate and the Interest Saver Payments will no longer be available.

How is my Interest Saver Payment calculated?

Here’s an example of how an Interest Saver Payment would be calculated for an account with a balance transfer offer at 0% promotional APR:

An example of how a Capital One cardholder’s Interest Saver Payment might be calculated.

For illustrative purposes only.

Where can I find my Interest Saver Payment on my Capital One account?

For Capital One cardholders, finding your Interest Saver Payment is easy. Simply sign in to your Capital One account, find your credit card statement and look for your Interest Saver Payment in the payment information section. If you get your statements through the mail, you can find the information on your paper statements.

When you make your monthly payment, you can also select Interest Saver Payment. But the option is available only to Capital One cardholders who initiated a balance transfer at a promotional APR. View important rates and disclosures.

How do balance transfers work?

A balance transfer lets you move unpaid debt from one or more accounts to a new or different credit card. It could help you consolidate debt and simplify your payments. Plus, you might get a lower interest rate, which might help you pay off your debt faster.

Balance transfers are often used for transferring debt from one credit card to another. But you might have other options. Capital One lets you transfer balances from credit cards, personal loans, student loans and car loans. But you can’t transfer your balance from one Capital One card to another. View important rates and disclosures.

Be sure to consider any potential fees and know the terms of the balance transfer before you make any decisions.

What happens when the promotional period ends?

After your promotional rate expires, Interest Saver Payments will no longer be available and the standard APR will apply to new purchases and your remaining balance. 

Keep in mind that the standard rate will likely be higher than the promotional rate. So it’s a good idea to make note of when your promotional period starts and ends. That way, you’re not surprised when a new interest rate kicks in.

What happens if I’m enrolled in AutoPay?

AutoPay can be a great way to avoid late credit card payments

But if you want to make the Interest Saver Payment for your Capital One account, you’re going to need to cancel AutoPay until the promotional period ends. Then, you’ll need to make sure to make your Interest Saver Payment on time every billing cycle. If you keep AutoPay on, you’ll lose some of the benefits of the promotional offer.

You might consider adding reminders to your calendar. And once the promotional period ends and you’re not making Interest Saver Payments anymore, you can turn AutoPay back on. 

Considering a balance transfer?

Balance transfers can help you avoid paying higher interest rates on existing balances you have with other lenders—whether you’ve been paying them down over time or they’re a result of more recent unexpected expenses.

Plus, they can help you consolidate debt and simplify your payments. And you could get a lower interest rate, which might help you pay down your debt faster.

Interested in learning more? You can sign in to your Capital One account to see if you have offers available.

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