Best No Fee 0% Balance Transfer Credit Cards
A balance transfer credit card can be a great way to save money on interest charges if you have high-interest debt. With a 0% balance transfer credit card, you can transfer your existing debt to the new card and pay it off over a set period of time without accruing any interest.
However, not all balance transfer cards are created equal. Some charge hefty fees, making them less attractive. That's where no fee 0% balance transfer credit cards come in. These cards offer the best of both worlds: the ability to transfer your balance at 0% interest and avoid any transfer fees.
Here are some things to consider when choosing a no fee 0% balance transfer credit card:
Key Features to Consider
- Introductory 0% APR period: This is the amount of time you have to pay off your balance without accruing interest. Look for cards with longer introductory periods, ideally 12 to 18 months.
- Balance transfer fee: As mentioned, look for cards that offer no balance transfer fee. Some cards may advertise 0% APR, but then charge a fee for transferring your balance.
- Credit limit: Choose a card with a credit limit that is high enough to cover your existing debt.
- APR after introductory period: Make sure you understand what the APR will be after the introductory period expires.
- Other benefits: Some cards offer additional benefits like rewards points, travel insurance, or purchase protection.
Tips for Using a Balance Transfer Credit Card
- Transfer your balance as soon as possible: Get your transfer processed before the introductory period ends to avoid interest charges.
- Make more than the minimum payment: Aim to pay more than the minimum payment each month so you can pay off the balance sooner and avoid the higher APR after the introductory period.
- Don't make new purchases: Use the card only to pay off your existing debt. Making new purchases will just add to your debt and negate the benefits of the 0% APR.
Finding the Right Card for You
With so many options available, it's important to compare offers from several different lenders. Check out credit card comparison websites like NerdWallet, Bankrate, and Credit Karma. They allow you to compare features, interest rates, and fees across different cards, making it easier to find the best no fee 0% balance transfer credit card for your needs.
Remember, using a balance transfer credit card can be a valuable tool for managing your debt, but it's crucial to understand the terms and conditions and use the card wisely.
