- 1 Zero Percent Balance Transfer Fee Credit Cards
- 2 0 Percent Balance Transfer Credit Card
- 3 Best Zero Balance Transfer Fee Credit Cards 2014
- 4 zero percent no fee balance transfer
- 5 List of zero percent credit cards and balance transfer offers
Zero Percent Balance Transfer Fee Credit Cards
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0 Percent Balance Transfer Credit Card
Here are a few credit cards that offer a 0 percent balance transfer, some for 12 months and most with no annual fee. Discover Card is even offering one for 18 months! They are offering cash back as well, but you really don't want to charge on your credit card while you have a zero balance transfer in the works because your payments will be applied to the 0 percent charges and not the purchases with the higher percentage, well not much anyway.
While you want to get a good balance transfer rate for more than 6 months if possible, assuming you will be carrying a balance beyond that, you also want your regular purchase rate to be reasonable too so when that period is over you won't have to transfer the balance again and play the transfer roulette, as I call it.
The credit cards below have both of these features. Of course the Apr's and time of special rates may vary, depending on your credit score. My absolute favorite is when the credit card company offers a special low rate until your balance is paid in full, but these days those are hard to come by. You can certainly ask, though. I've found that they don't always promote it as much as the 0 percent balance transfers because they stand to make more money from you with the latter.
The best way to go about this is to transfer to a card with no balance. If you are transferring to a card that currently has a balance, then try to pay off as much as you can first before transferring. Find out what to do and not do when taking advantage of balance transfer offers .
There's also a search table below, where you can put in any criteria you want to find the perfect card for you.
Here's one with a low initial transfer rate currently 1.99%, but they have pretty good purchase rates as well, and no annual fee, so I'm going to list it here for you as another option.
Click here for a few secured credit card offers if your credit isn't so great, but not terrible either. They have decent interest rates.
Search for any kind of credit card you want:
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Best Zero Balance Transfer Fee Credit Cards 2014
Wracking up credit card debt can be painfully easy, until it comes time to pay off high balances with equally high interest rates. Americans now rely less on revolving credit, with debt levels now dropping to below the levels seen in 2006 — per the Washington Post — but dealing with existing debt can still be challenging in a market with wage freezes and high unemployment. One great strategy for reducing debt quickly is transferring balances to take advantage of low introductory interest rates. By choosing zero balance transfer fee credit cards, borrowers can lock in a low interest rate at no penalty. Here's information on the only zero balance transfer fee credit card available in 2014, as well as alternatives to consider.
The One and Only Zero Balance Transfer Fee Credit Card of 2014
So far, credit card companies have chosen to offer extended introductory low and zero APR terms, rather than zero fee transfers. The Chase Slate card is the only option that combines both a no fee transfer and a 0 percent introductory rate. This rate applies to both balance transfers and purchases. Where historically, those introductory rates were for six or 12 months, the Chase Slate card is a whopping 15 months. This allows cardholders to pay down debt quickly before interest starts accruing.
Alternatives to Zero Balance Transfer Fee Credit Cards
Resolving revolving debt can take years, unless borrowers take proactive steps to reduce their outstanding balances. A typical balance transfer fee starts at 3 percent or a minimum of $5. For small balances, this makes them very expensive. On large balances, a transfer fee combined with an extended introductory rate of 0 percent APR makes a lot of sense. Below are a few different options that allow consumers to pay down balances at a more leisurely rate.
- Discover it Card: This card offers an introductory APR of 0 percent for 14 months on balance transfers and on purchases. It also has no annual fee and cash back earnings of up to 5 percent on certain purchases up to a quarterly maximum and 1 percent cash back unlimited. A late payment does not cause an interest rate hike, and, unlike the Chase Slate card, applicants do not need virtually perfect credit.
- Citi Simplicity: Offering a 0 percent introductory rate for 18 months on both purchases and balance transfers, the Simplicity card has a lot of flexibility. As an added bonus, new cardholders have four months to make the decision to transfer a balance. The lack of late fees and penalty rates also makes this an excellent option.
- Chase Freedom: Offering a 0 percent APR for 15 months on both transfers and purchases, Chase has a solid, middle-of-the-road credit card account. Currently, new account holders also have the opportunity to earn $200 in bonus cash when they make $500 in new purchases during the first three months. Those who make a balance transfer should be aware that most companies apply payments to the new balance, before applying anything to the transferred balance. Unless an account holder intends to pay the entire balance during the introductory period, the bonus cash may not be as attractive as it would be for those without a transfer
Look for 0 Percent APR, not Zero Balance Transfer Fee Credit Cards
zero percent no fee balance transfer
Do you use your card primarily for purchases ?
Since this is usually the balance transfer this means that your repayments are made against the transfer first, whilst purchases sit there and you end up paying a higher rate of interest !! So what can you do ? Remember do not make any new purchases on the zero percent balance transfer card ! If you do want to use a credit card to make purchases then scour the market for a 0% APR purchase card instead.
You may have noticed that recently credit card companies have started to introduce fees for customers taking advantage of the zero percent balance transfer offers – this has been introduced to reduce the number of Rate Tarts constantly moving their balances between cards. If you still wish to take advantage of a zero percent balance transfer offered by the credit card companies, beware the fees tend to be around 2% of EACH balance transfer (this may not seem a lot compared to the amount outstanding, but also be aware of minimum fees for transferring to a zero percent card or a lower introductory rate)
So do you become a Rate Tart and pay the fee but take advantage of the zero percent balance transfer offer or do you transfer to a card that offers a ‘life-of-balance’ interest rate.
If you choose the latter option, the APR will be similar to some of the cheap personal loan rates you can find and will let you pay off your credit card debt, over time, hassle free !
However, you will find that there tend to be a number of conditions associated with the offers for the ‘life of the balance transfer’. Some of these tend to be:
Balances must be transferred from another companies credit card or store cards – ie you tend not to be able to transfer a balance from Bank A to a ‘life of balance’ offer with Bank A.
A minimum balance transfer of £100 (this could be higher dependant upon the credit limit)
Balance transfers must be made within a pre-determined timescale from the account opening.
In some cases applications must be made online.
Remember, DO NOT use the zero percent balance transfer/low balance transfer card for purchases.
· When possible always make the minimum repayments of zero percent balance transfers plus some extra (if you fail to meet the minimum payment by the due date, some companies will withdraw the zero percent balance transfer rate / lower interest rate deal !)
· If you are going to be a Rate Tate, be aware that multiple credit card applications (even if you do not take advantage of them) can affect your future credit score.
· Large outstanding debts (even if they are on a zero percent balance transfer offer) can also affect your credit scores.
· If you are considering taking advantage of the zero percent balance transfer offers on a regular basis you will need to take into account the time you will need to invest to make sure you not only qualify for the best deals but that you are not penalised for moving your balance too late ! Remember- New applications must be made in time to ensure that the new card is available not more than 30 days before the old one expires. By following this timeline zero percent balance transfers can be completed within the new card’s 30 day transfer limit, and before the rate on your old card expires !
So you haven’t got the time / inclination to take advantage of a zero percent balance transfer offer ?
Once your current zero percent deal runs out your credit card company may offer you an opportunity to transfer other debts at a special rate (these other debts could be a personal loan, other credit cards and store cards). You may find that your current company may even offer you a zero percent balance transfer deal on these ‘other debts’! By offering these deals it allows you, the customer, to avoid the pitfalls of multiple card applications (remember the impact on your credit score?) If you are lucky enough to be offered a zero percent balance transfer on your ‘other debts’, ensure your existing balance is cleared first to avoid any possible adverse payment prioritising.
List of zero percent credit cards and balance transfer offers
When credit card issuers faced the 1-2 punch of an economic crisis and new regulations, it seemed like 0% introductory APR balance transfer offers landed on the endangered species list. Now that banks are flush with cash and ready to lend, it's time to start saving money by paying down debt with no interest.
A few years ago, I loved making free money by requesting zero percent introductory APR balance transfer checks from new credit cards, then depositing them into high interest savings accounts until just before the point where I'd have to start paying interest. The banks must have gotten tired of giving me all that free cash, since those kinds of deals have completely disappeared. It's no longer profitable for banks to let consumers surf balances from card to card without a little friction. Therefore, even the best 0% introductory APR balance transfer deals require you to pay up to 5% as a flat fee.
Still, the balance transfer process has become easier than ever for consumers who really do need to save some money on their bills each month. You can use a balance transfer check to cover utility bills or an occasional car payment, then use my same trick to make a little of that money back at the end of the year. Instead of paying down that 0% introductory APR balance, park your payment in an online savings account or in a short-term CD. Even if your investment only nets a point or two, you're still making back some of the money you had to spend on your transfer fee.
Here is my personal list of the best 0% intro APR balance transfer credit card offers
To help you get started, I've put together a quick list of the very best zero percent introductory APR balance transfer offers on the market right now.
The choices were made after reviewing and balancing all terms and considerations such as length of 0% intro APR offer duration, whether any balance transfer fee applies, whether the 0% intro APR applies to purchases as well, and whether there are any additional rewards for purchases:
Slate from Chase The 0% introductory APR on balance transfers and purchases that lasts 15 months. And as an introductory offer no balance transfer fee on transfers made within 60 days of account opening. All other transfers: either $5 or 3% of the amount of each transfer, whichever is greater. In addition Chase supercharged this credit card with Blueprint, a set of online tools that help you budget your way out of debt.
Chase Freedom 0% introductory APR for 15 months on balance transfers and purchases, plus you can take advantage of a cash back bonus that puts $100 back in your wallet after you make $500 in purchases in your first 3 months from account opening. That could even cover the cost of the initial balance transfer fee, which is either $5 or 3% of the amount of each transfer, whichever is greater if you're clever enough.
Right now, a couple of the banks are letting cardholders surf balances with no balance transfer fee. Keep an eye out for the offers because the no balance transfer fee offers are primarily for a limited time. Otherwise, it's up to smaller, regional banks and credit unions to carry the no balance transfer fee banner for their local account holders.
In the meantime, you can take comfort in knowing that you've capped your first year interest to 3-5% with any of these cards. Just keep in mind that a handful of balance transfer offers may require you to make other purchases on your card to maintain your deal and free credit report. Whatever you do, remember to pay your monthly minimum payment on time or risk paying double-digit interest on your entire balance the following month.
This entry was posted on 4/4/08 (Modified on 1/21/14) and is filed under Credit Cards , Deals and Offers , Make Money . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response.