Transferring outstanding debt from one credit card to another, especially a new one, is known as a balance transfer. Therefore, users who want to transfer the amount they owe to a credit card with a considerably lower interest rate and better benefits. such as a rewards program to earn cash back or points for regular spending, use credit card balance transfers. In choosing which among them makes the most sense for you. Make sure to keep in mind the fee, the amount of debt you’re looking to transfer, and the number of months you need to pay off the bill. To help you, we’ve compiled the best balance transfer credit card with no fee suitable for you.
What is The Balance Transfer Credit Card?
A credit card with balance-transfer capabilities is a beneficial tool for debt relief. When you have a credit card with a 0% APR, all of your payments are applied to the principal amount rather than to interest costs. This, in turn, saves you money. While some credit cards allow you to transfer your balance they also provide excellent rewards for everyday purchases.
A credit card typically allows you to transfer debt from another card, usually at a low initial APR. You may be charged a balance transfer fee, which is typically between 3% and 5% of the amount transferred. Some credit card providers, however, may not charge you this fee. The first-rate could be as low as 0% and last from six to eighteen months.
Read Also: Credit Cards With Best Rewards
How does a balance transfer card work?
The primary reason for carrying out a balance transfer is to save money on existing debt. This implies that a balance transfer credit card can help you save money by allowing you to transfer your debt to a new credit card, ideally one with a reduced interest rate. You’ll pay off the bill with the new card once you’ve transferred it.
You should avoid making any further purchases with your new balance transfer card so that you can concentrate on paying off your debt. Due to the fact that most (but not all) credit cards charge balance transfer fees, this move is usually only worthwhile if the new card has a lower interest rate than your present debt or comes with a low or 0% promotional deal.
How to Use a Balance Transfer Credit Card
Before you take advantage of a balance transfer offer, bear the following in mind:
- Transfers between cards issued by the same bank are not permitted: If you have a Chase credit card, for example, you cannot transfer the debt to another Chase card.
- You may be charged: A balance transfer fee is charged by the majority, but not all, of these cards. It is typically 3% to 5% of the amount transferred.
- Transfers must be done within a certain number of days of the account being opened: If you put off making a transfer for too long, you may miss out on the 0% APR term. The BankAmericard credit card, for example, requires transfers to be completed within 60 days after account opening.
- The amount of debt that can be transferred is limited: Card companies usually cap the amount you can transfer as a percentage of your overall credit limit or as a precise dollar number.
- Many debt transfer cards require outstanding or decent credit: It can be tough to qualify for a debt transfer card if your credit is less than spectacular.
Best Balance Transfer Credit Card
An overwhelming credit card balance can make you feel enslaved. You strive out the biggest payment you can afford each month, only to see much of it taken up by interest while only a small portion of your amount actually disappears. Hence, a credit card that allows you to transfer your amount without incurring any interest could be a lifesaver.
Best Balance Transfer Credit Card: Examples
Below are the best balance transfer card to choose from,
#1. Citi Diamond Preferred
The Citi Diamond Preferred Card is our top pick among the best debt transfer credit cards. If you need more time to get your finances in order, this is an excellent card to have. With such a long introductory rate on balance transfers, you might potentially simplify your financial situation by moving all your debt to a single credit card and making minimum payments through at least the end of 2023.
#2. U.S. Bank Visa Platinum
The mobile phone protection included with the U.S. Bank Visa Platinum is one of the card’s best features. If you pay your cell phone bill using your credit card, you’ll have up to $600 in coverage per claim, subject to a $25 deductible, and up to two claims per calendar year.
#3. BankAmericad Credit Card
If you are looking for a little relief while paying off your high-interest credit card debt, the BankAmericard credit card is an excellent alternative. This is because, in the first 60 days after opening your account, you’ll get a 0% intro APR on purchases and a 0% intro APR on balance transfers to help you get out of debt quickly. After that, your regular APR will be between 15.99% and 25.99% variable.
#4. Wells Fargo Active Cash
The introductory APR offer is the same for both purchases and balance transfers, and the cash-back rewards rate is quite high. It is rare to find a credit card that offers a 0% initial APR on both purchases and debt transfers, let alone one that offers unlimited high-rate cash rewards on purchases.
#5. Citi Simplicity
For the first 12 months after account opening, new cardholders will enjoy a 0% APR on purchases, and for the first 21 months after account opening, new cardholders will enjoy a 0% APR on balance transfers. Transferring a balance has a four-month time limit starting from the date the account was opened. Thereby making it a reliable option among balance transfer cards for those who want to reduce their debt while enjoying a little flexibility.
#6. Chase Freedom Flex
Without little or no charges this card has the ability to handle virtually all of your credit card spending needs. The card has no annual cost and a generous earnings structure that includes gas stations, restaurants, and medicine stores as well as quarterly bonus categories that many families will appreciate.
No Fee Balance Transfer Credit Card
If you’re having trouble making your credit card payments on time, a balance transfer card with 0% APR for a year or more can save your life. With one of these cards, you can save a lot of money on interest, but you should know that they usually charge balance transfer fees of 3–5% of the amount being transferred. If you apply for one of the following credit cards, which all have 0% intro APR for a year or more, no yearly fee, and no balance transfer fee, you won’t have to pay anything to move your debt.
How to Choose a Credit Card With No Balance Transfer Fee
There are a lot of credit cards that let you move a balance, but only a small number of them don’t charge a fee. Before you ask for a credit card, here are some things to think about:
- Since most bill transfer credit cards require good or great credit: it’s important to check your credit score before deciding which credit card to apply for.
- Check the schedule for moving your balance: You should compare your planned transfer date to the limit set by the card issuer, which for most balance transfer cards is between 45 and 60 days.
- Consider how long it will take you to pay off your debts: Most credit cards with no debt transfer fees offer loans with 0% APR for 6–15 months. You should think about how much you can pay toward your debt each month and how long it will take to pay it off. Using this information, you can choose between 6 and 15 months of interest-free time.
Balance Transfer Credit Cards With No Fees: Examples
When looking at the best balance transfer cards that do charge balance transfer fees, look for cards with no annual fee or hidden costs, a long interest-free period on balance transfers (16 months or more is ideal, and cardholder perks that you’ll actually use.
#1. The Choice Rewards World Mastercard
With this option, there are no debt transfer fees and no annual fees, which makes it a very good choice. Also, the APR that stays in place after the promotional time is over is not too high, even if you can’t pay off the transferred amount in full in the first 12 months. But please keep in mind that balance changes don’t count toward awards.
#2: The Wings Visa Platinum Card
This card is a great choice because there are no debt transfer fees. When you use this card abroad, there are no fees, like an annual fee or a debt transfer fee. Both balance transfers and sales have a 0% introductory APR for the first year after the account is opened. If you still have money in your account after the introductory time is over, you might like the attractive variable APR of 8.15–18.00%.
#3. Bank of America
Even though the card’s rewards are good for people who use it often, Bank of America Preferred Rewards users can earn 25% to 75% more cash back on their purchases. Customers with Bank of America Preferred Rewards get extra cash rewards of 25% to 75%, among other benefits.
#4: Chase Slate Edge
The Chase Slate Edge is a good choice if you want to consolidate your debt. If you make payments on time and charge $500 in the first six months, you can get a higher credit line. For the lowest possible change in the interest rate on amounts still owed.
#5. Federal Navy Platinum Card
The Navy Federal Platinum credit card is open to people with good credit. If you move a balance into your account within the first 60 days of opening it, your interest rate will be 0.99% for the first year. After that, the rate goes up to a varying range of 10.74% to 18.00%, which is still low. This card has a number of extra perks, such as coverage for damage to rental cars in case of an accident, customer service that’s available 24/7, and scam alerts.
Additionally, when looking for a credit card with no debt transfer fee, it’s also important to look past the initial APR. After the introductory time is over, the regular purchase and balance APR kicks in. Before you apply, you should look into the average APR, perks, and reward programs so you can choose the best one for your needs.
Do Balance Transfers Hurt Credit Score?
In some cases, a balance transfer can positively impact your credit scores and help you pay less interest on your debts in the long run.
How do I Transfer my Balance to Another Credit card?
Once you have your balance transfer card ready to go, here’s what to do.
- Request a balance transfer
- Wait for the transfer to go through
- Pay off your balance
What are the Rules for Balance Transfers?
Prioritize transferring the highest-interest debt you can to save the most money.
How Much Does it Cost to Transfer Balance From One Credit Card to Another?
Balance transfer fees are typically 3 percent or 5 percent of the total balance you transfer to your new card. So, for every $10,000 in debt you move to a balance transfer credit card, you’ll owe $300 or $500.4 days ago
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