No Fee Balance Transfer 0% Intro APR Credit Cards Still Exist
Transferring credit card balances at zero percent has been (and still is) very popular for the past few years. Most 0% Intro APR credit cards charge a transaction fee for transferring credit card balances, but "no fee balance transfer" zero percent intro APR offers still exist.
Feeless, 0% intro APR balance transfer deals -- perhaps the most sought-after 0% deals on the Internet -- are a dying breed. Dying, but not dead. The pool of banks that offer feeless 0% deals has been shrinking. Why? Because the banks and credit card companies know that by eliminating the balance transfer transaction fee, a balance transfer "surfer" can transfer a credit card balance to a card, sit out the interest-free period, then transfer the balance out to a new 0% deal -- thus denying the bank any opportunity to make money off the surfer. The balance transfer transaction fee gives a bank the opportunity to get at least something out of the deal.
The Discover More family of credit cards, offered by Discover Financial Services (DFS), has been exceedingly popular for transferring credit card balances. Why? Because, heretofore, with any Discover More card, you could transfer a credit card balance and pay no interest on the transferred funds for 12 months, with no balance transfer transaction fee. But that's not all: with Discover More, you could (and still can) get a 0% rate on new credit card purchases for 12 months to boot. It's no wonder that the Discover More family of credit cards has been a top-ranked collection of credit cards at many top-rated websites.
But DFS recently made a change to the terms and conditions associated with the Discover More family of credit cards: you now have to pay a fee for transferring a balance; the minimum transfer fee is $10. The Discover More group of cards still offers great value, with a 0% intro APR rate on both balance transfers and new purchases for one year, but the nascent balance transfer transaction fee may turn off some folks out there in the market for a hot, 0% credit card deal.
OK, now for the good news: Citi®, American Express®, Bank of America® and Pulaski Bank still offer consumer credit cards where you can transfer a balance at zero percent for 6 or 12 months (depending on the card) and pay no balance transfer fee. Furthermore, Citi® and CitiBusiness® have business credit cards that provide an option to transfer balances at 0% without charging a transaction fee.
If you plan on hunting (or continuing your hunt) for an attractive 0% credit card deal after reading this article, remember two things:
3 credit cards with no balance transfer fees and low interest rates
Is credit card debt becoming overwhelming in your life? A credit card with the right balance transfer offer can help you get out from underneath that mountain.
It’s easy to find credit cards that will let you transfer a balance at 0% APR for a certain number of months . . . but you’ll typically pay a balance transfer fee of at least 3%.
If you want to be really cheap, here are three credit card offers that don’t have any balance transfer fee. That means you won’t pay a penny to transfer your debt over from a higher interest rate to a lower interest rate card. You might even get a 0% interest rate for some number of months as an introductory offer!
As mentioned, the average balance transfer fee is usually around 3% but it can sometimes be as high as 5%. So by eliminating the balance transfer fee, you can save $300 right off the bat (on a hypothetical balance transfer of $10,000) and enjoy a low or zero percent interest rate all year long.
Of course, each card still requires you to make a minimum payment every month.
Depending on your exact situation, you’ll have to read carefully to see which one is right for you.
Here are three credit cards with no balance transfer fees
- Zero dollar balance transfer fee on transfers made within 60 days of account opening. After that, the fee will be the greater of either $5 or 3% of the amount of each transfer.
- 0% Intro APR for the first 15 billing cycles that your account is open. After that, a variable APR of 13.24%, 18.24% or 23.24% applies based on credit.
- Zero dollar annual membership fee
SPECIAL NOTE: To apply for this card, you have to be a member of Pen Fed Credit Union. But don’t worry if you’re not military. Simply join the National Military Family Association for a one-time tax-deductible fee of $20 and then you can apply. You don’t even have to keep your membership active.
This credit union, which is open to members who already work in select financial institutions, offers a suite of four cards with no balance transfer fees. They include the Visa Platinum, Platinum Member Rewards, Platinum Cash Rewards and Visa Signature cards.
- Zero dollar balance transfer fee
- 0% Intro APR for the first 6 billing cycles on the Visa Signature card. The three other cards range from 3.9% to 5.9% for the first six months. After that, the interest rate varies from 12.15% to 16.15% based on the Prime Rate.