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2019

Zero Balance Transfer Fee Credit Card Reviews

What are the best Zero Balance Transfer Fee Credit Cards? For consumers who tend to carry a lot of credit card debt, getting a lower interest rate through a 0 Balance Transfer Fee card can be a smart way to save money. Why pay interest rates over 20% when you can move your balances to a credit card with a much lower introductory rate AND no balance transfer fees?

The Best Zero Balance Transfer Fee Credit Cards

 

Is a Zero Balance Transfer Fee Credit Card Right For You?

Do you usually pay off your credit card balance in full every month? If not, you're in good company: up to 85% of all Americans carry a balance on at least one credit card from month to month, according to the Consumer Financial Protection Bureau.

But, the savviest consumers know that they don't have to be stuck with skyrocketing interest rates forever. The trick? Making smart use of 0 Balance Transfer Fee credit cards.

 

No Balance Transfer Fees? Yes, Really

Credit card companies make money every single time you swipe your plastic. They want your business, to the point of making it worth your while to move your balances over to their cards. There are two main ways they sweeten the pot, so to speak: 0 intro APR and 0 balance transfer fee. Let's take a look at how that works.

0 intro APR is the most common offer. Imagine that you're currently carrying a balance of $3000 on a credit card, and your APR is 25% (ouch!). To try and win your business, a new credit card might give you an interest rate of 0% for a certain period of time, typically from 12-15 months. Pay off that balance within that introductory period, and ta-da: you've now saved up to $600 in interest fees!

Less common but still attractive is the 0 balance transfer fee promotion. In the situation described earlier, the credit card company might charge a transfer fee of 1-5% of the total transferred balance. You'll still save money with that lower interest rate, but your total savings is less - unless the card also offers a “no balance transfer fee” incentive too. Those cards can be harder to find, but they do exist!

 

0 Balance Transfer Fee Cards: Plan Wisely

If you're going to try and boost your savings with a 0 Balance Transfer Fee card, here are a few things to keep in mind.

  • First, remember that applying for any credit card can lower your credit score (temporarily). Instead of applying for many 0 Balance Transfer Fee cards, do your research and choose the one that looks like the best fit for your situation. Maybe you also want a card with no annual fee, or you like the idea of getting cash back rewards on top of saving money with lower interest rates. When you've found a credit card that looks like a good match, apply for just that card and see what happens before you apply for another card.
  • Second, pay close attention to the terms and conditions. It won't do you much good in the long run to go through the work of getting a new credit card and transfer your balance... if you wind up paying late fees, or if you go past the low intro APR period and are once again carrying a balance at the higher interest rate. Also make sure that the amount you want to transfer is allowed by the new credit card company.
  • Finally, it's a good idea to use the benefits of a 0 Balance Transfer Fee card to help you get ahead financially - and not just to be able to spend more! Some of the absolute best credit card “deals” out there are reserved for people with very high credit scores (760+), so using your new card wisely can help boost you into that upper echelon - where using your credit card actually makes you money, rather than just helping you spend less on interest and transfer fees.

The Best Zero Balance Trasnfer Fee Credit Cards

TopConsumerReviews.com has partnered with Lending Tree to help you find the best Zero Balance Transfer Fee Credit Cards on the market. We hope this information will get you a great offer on a credit card that will save you money now and in the long run!

 

5 Things to Look for in a Balance Transfer Card

Balance transfer credit cards can help you get out of high-interest debt. When you take a balance transfer, you move debt from one credit card to another. The goal is to reduce the interest rate ...

Published:  Fri, 16 Aug 2019 05:07:00 GMT



How to Know if You Should Use Personal Loans or Credit Cards to Consolidate Your Debt

You could use a personal loan, a balance transfer credit card, a home equity line of credit or loan, and even a 401(k) loan to consolidate your debt. How to consolidate debt. Debt consolidation is not ...

Published:  Mon, 12 Aug 2019 05:51:00 GMT



How to pay down your credit card debt

Rossman joined "CBS This Morning" to share a few tips: One of the best strategies for paying off credit card debt is balance transfer cards, Rossman said. The cards allow you to transfer your debt ...

Published:  Tue, 13 Aug 2019 08:28:00 GMT



5 simple ways to get out of credit card debt faster

The more months you do this, the more savings you'll enjoy. 5. Transfer your balance to a 0% credit card If you have good credit - generally a credit score of 690 or higher - you may be able to ...

Published:  Fri, 09 Aug 2019 13:09:00 GMT



Personal loan or a balance transfer: Which is right for me?

A personal loan or a balance transfer credit card? You're probably thinking the answer is obvious. After all, you have to pay interest on a personal loan and balance transfer plastic comes with ...

Published:  Fri, 16 Aug 2019 03:06:00 GMT



What Is a Balance Transfer Fee?

According to a recent study from U.S. News & World Report, approximately half of all Americans don't know if their credit card has a balance transfer fee. This is a problem because balance transfers ...

Published:  Wed, 14 Aug 2019 05:14:00 GMT



More consumers using credit cards for purchases under $10, though cash is still king

Depending on your credit score, you might qualify for a card that comes with a zero-percent balance transfer offer. In that scenario, you would pay a balance transfer fee - 3% or so - but pay no ...

Published:  Thu, 15 Aug 2019 11:08:00 GMT



Navy Federal revamps its rewards credit card

The rewards credit card landscape continues to get more competitive ... There are no annual fees, foreign transaction fees, balance transfer fees, or cash advance fees. The interest rate range also ...

Published:  Mon, 12 Aug 2019 07:16:00 GMT



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