Yes, there are balance transfer cards with no transfer fee, you have to know to look for them and then evaluate how to save money on higher interest rate cards. One of the sticking points for many cardholders is the transfer fee, which may eat up any savings realized from a balance transfer to a lower rate interest card. Due to market changes balance transfer cards with NO transfer fee are more difficult to find and introductory rates may extend only to 6 months instead of a year. Read the terms carefully.â¨
Things You Will Need
A need to make credit card balance transfers for a low transfer fee or possibly, the infamous 0 balance transfer.
You will certainly need to have good or excellent credit to qualify for the cards who do offer balance transfer with no transfer fees. Currently there are no credit card companies that offer 0% APR for an introductory period and no transfer fees, but there are balance transfer cards with a low introductory APR and no balance transfer fee.â¨
The question you will need to answer when examining any of these cards is how much would a fee cost for 0% APR for a longer period as opposed to how much you would save with a low APR card with no transfer fee.â¨
For instance there is a card Bryant State Bank with an introductory 3.25 APR for 6 months with no transfer fees this is a Master Card with some good points to it. You would need to evaluate the variable rate APR and determine if you could pay off your balance in 6 months and if not if the APR being offered would save you money.â¨
The economy has had an adverse effect on the balance transfer to credit cards, at least from a consumer perspective with fewer offers out there that favor the consumer. When considering a balance transfer card with or with NO transfer fees the consumer should understand that introductory rates are not offered out of the goodness of the credit card company's heart, but to entice you to do business
with them. If you do your math and allow for your individual spending habits, you can come out ahead with a low or no transfer fee, balance transfer credit card.â¨Capitol One has had an offer for a low APR credit card with no transfer fees, however you should factor in how much the interest rate is after the introductory period and what may trigger penalty fees.â¨
Low transfer fees on balance transfer cards may end up being a money saving alternative if you find you plan to carry the balance over the introductory period and the APR rate offered for the no transfer fee card is unattractive.
Tips & Warnings
Though balance transfer fees may eat up some of the savings you plan to see from a balance transfer card, you should also read all of the fine print and ensure the advertised APR is what is offered to you before signing a contract.â¨