You can reduce the interest you pay on your debt by using balance transfer credit card; however, these cards often come with an annual fee. The majority levy fees are equivalent to between three and five per cent of the balance that is being transferred. To put it another way, transferring your debt ranges from $30 to $50 for every $1,000 you choose to transfer.
Every penny matters when it comes to reducing your overall debt. Therefore, the perfect credit card for transferring balances would not charge any balance transfer fee, no annual fee, and a large 0% APR promotional term. These "triple-zero" cards are quite difficult to come by, which is a shame. To qualify for many of these products, you need good credit, often shown by a FICO score of 720 or higher or higher. Nevertheless, if you use a credit card to transfer your balance, you may pay your debt while saving money. Here are some potential solutions that you may consider. Below you'll find best credit cards for balance transfer with no transfer fee.
Credit Cards With No Balance Transfer Fees
Sincerity requires me to admit that the pool of credit cards that permit balance transfers free of charge has always been rather limited and has shrunk even more in recent years.
Several regional banks and credit unions provide balance transfer credit cards at reduced fees; however, these products come with their restrictions. Membership is necessary to use credit unions, and regional banks are often only present in some states. Check with the local banks in your region to find out what services they provide. The following are some examples of the many options that are available:
The introductory annual percentage rate (APR) for balance transfers on the Navy Federal Credit Union Card is 0.99% for the first 12 months, after which the continuing APR ranges from 9.74%-18.00% and is variable. Membership is normally open to service members, veterans, their families, and civilian individuals who work for the Department of Defense. For more information, please refer to our evaluation of this card.
The Union Bank® Platinum™ Visa® Credit Card provides a 0% introductory annual percentage rate (APR) promotion on purchases and balance transfers for the first 15 months after the account is opened. If you transfer your balance during the first sixty days of opening your account, you will not be charged balance transfer fee; however, a three percent cost will be applied beyond that period. There is a one-time cost of $0.
Cards With Balance Transfer Fee
There are instances when the fact that credit card is even available is its most valuable quality. If you consider paying a charge to transfer a balance, you may have access to a wider selection of credit card possibilities. Keep an eye out for a cost of 3% since this is the bottom end of the average range. These credit cards provide additional value by not charging an annual fee and by providing lengthy periods during which no interest is charged. The following are some examples of the many options that are available:
The introductory period in which there is no interest charge on purchases made with the Wells Fargo Reflect® Card is among the longest in the industry. You are eligible for a 0% introductory APR on purchases for up to 21 months and a 0% introductory APR on balance transfers for up to 21 months from when the account is opened on balance transfers that meet certain criteria. After that, the continuing APR ranges from 17.24% to 29.24% variable APR. Fee for transferring a balance: If a transfer is requested during the first 120 days after an account has been opened, the transfer charge is either $5 or 3% of the initial balance, whichever is larger. After that, the card will incur a fee of up to 5% of the total value of each transfer, with a minimum charge of $5.
If you anticipate needing significant time to pay off your balance, the U.S. Bank Visa® Platinum Card is an excellent choice. The card has a variable continuing APR that ranges from 18.74% to 28.74%, and it offers a 0% introductory APR on purchases and balance transfers for the first 18 billing cycles you use it. The cost for transferring a balance is 3% of the transferred amount, with a minimum transfer of $5.
The Discover it® Cash Back credit card is well-known for the cash-back categories that change every quarter, but it also provides a 0% introductory APR for the first 15 months on purchases and balance transfers. After that, the regular APR ranges from 16.24%-27.24% variable. The cost for transferring a balance is 3% for the first transfer and up to 5% for subsequent transfers.
