0% APR Credit Card Balance Transfer with No Fees: Is it Possible?
Are you tired of paying high interest rates on your credit card balance? Do you wish you could transfer your balance to a new card with a 0% APR and no fees? The good news is that such credit cards do exist, but you need to know where to look and what to expect.
What is a 0% APR Credit Card Balance Transfer?
A 0% APR credit card balance transfer is a type of credit card offer that allows you to transfer your existing credit card balance to a new card with a 0% interest rate for a promotional period, usually ranging from 6 to 18 months. This means you won't have to pay any interest on your transferred balance during the promotional period, which can help you save money and pay off your debt faster.
What are No-Fee Balance Transfer Credit Cards?
No-fee balance transfer credit cards are credit cards that offer 0% APR balance transfers with no balance transfer fees. These fees are typically a percentage of the transferred balance, and they can add up quickly. With a no-fee balance transfer credit card, you can avoid paying these fees and save even more money.
Which Credit Cards Offer 0% APR Balance Transfers with No Fees?
While there are no credit cards that offer 0% APR balance transfers with no fees forever, there are some credit cards that offer promotional periods with no balance transfer fees. Here are a few examples:
Citi Simplicity Card
- 0% APR for 21 months on balance transfers (then 15.74% - 25.74% (Variable) APR)
- No balance transfer fee for the first 4 months (then 3% or $5, whichever is greater)
- No annual fee
Bank of America Cash Rewards credit card
- 0% APR for 12 billing cycles on balance transfers (then 13.99% - 23.99% (Variable) APR)
- No balance transfer fee for the first 60 days (then 3% or $10, whichever is greater)
- $0 annual fee
Discover it Balance Transfer
- 0% APR for 18 months on balance transfers (then 13.49% - 24.49% (Variable) APR)
- No balance transfer fee for the first 60 days (then 3% or $10, whichever is greater)
- No annual fee
Things to Consider
While these credit cards offer 0% APR balance transfers with no fees, there are some things to consider before applying:
- Promotional period: Make sure you understand the length of the promotional period and the regular APR that will apply after it ends.
- Balance transfer fee: While there may be no fee for the first few months, you may need to pay a fee for subsequent balance transfers.
- Credit score: To qualify for these credit cards, you'll typically need a good credit score.
- Other benefits: Consider the other benefits of the credit card, such as rewards programs or purchase protection.
Conclusion
0% APR credit card balance transfers with no fees can be a great way to save money and pay off your debt faster. While there are no credit cards that offer this forever, there are promotional periods that can help you achieve your financial goals. Just make sure to read the fine print and understand the terms and conditions before applying.
