Best Credit Cards with 0 Balance Transfer Fee
Transferring your credit card balance to a new card can be a smart move to save money on interest. But, you need to be aware of balance transfer fees, which can eat away at any savings you make. Fortunately, there are several credit cards that offer 0% balance transfer fees.
Here are some of the best options available:
Cards with 0% Intro APR and 0% Balance Transfer Fee
- Chase Slate - This card offers 0% intro APR for 15 months on purchases and balance transfers. It also has a 0% balance transfer fee for the first 60 days. However, after the intro period, the variable APR can be high.
- Citi Simplicity® Card - Offers 0% intro APR for 21 months on purchases and balance transfers. It also has a 0% balance transfer fee for the first 4 months.
- Discover it® Balance Transfer - This card comes with 0% intro APR for 18 months on balance transfers, and it doesn't have any balance transfer fee.
Cards with 0% Balance Transfer Fee and No Annual Fee
- Capital One QuicksilverOne - This card offers a 0% balance transfer fee for the first 15 months and a flat 1.5% balance transfer fee after that. It also has a 0% intro APR for the first 15 months on purchases and balance transfers, followed by a variable APR. It doesn't have an annual fee.
- U.S. Bank Visa® Platinum Card - This card features a 0% balance transfer fee for the first 90 days. It also offers a 0% intro APR for 15 months on purchases and balance transfers, and a flat 1.5% balance transfer fee after that.
Things to Consider When Choosing a Balance Transfer Card
- Intro APR period: The longer the intro APR period, the more time you have to pay off your balance before interest starts accruing.
- Balance transfer fee: Some cards may charge a fee for transferring your balance, even if it's 0% for a limited time.
- Annual fee: Consider whether the annual fee is worth the benefits offered by the card.
- APR after the intro period: Make sure you understand the APR that applies after the introductory period, as it can be high.
Tips for Using a Balance Transfer Card
- Transfer your balance quickly: Transfer your balance within the promotional period to avoid any fees.
- Make more than the minimum payment: Pay as much as you can each month to pay off your balance quickly and avoid interest charges.
- Don't make new purchases: Focus on paying off your transferred balance instead of making new purchases on the card.
By carefully choosing a balance transfer card and following these tips, you can save money on interest and pay off your debt faster. Remember to read the terms and conditions of each card carefully before making a decision.
