Do you wear a balance on one or more credit cards? If so, transfer your outstanding balance on a credit card with a 0% introductory APR or low current interest rates can be a real money saver. An introductory period of 0% APR offers usually enough time to repay the balance without incurring interest charges, and low ongoing APR is perfect for anyone wanting to delay repayment of purchases.
There is a "Gotcha" in this situation though - most cards charge a balance transfer fee to transfer your balance from your existing credit card to the new one. This fee usually ranges from 3% to 5% of the balance as you move on. These might seem like small percentages, but if you transfer $ 5000, this means you can pay $ 150 - $ 250 in transfer fees. Sometimes this extra cost can even make up for what you will save in interest charges.
Fortunately, we researched the available options and found two large credit cards that do not charge balance transfer fees.
Our number one balance transfer card ranking has a long 15 months 0% Intro APR on balance transfers and purchases in combination with no balance transfer fee. Moreover, there is no annual fee. It comes with the Chase Blueprint tool to help you pay your balance. With Blueprint you can customize your payments in a variety of ways to help you manage your spending and borrowing. Chase Slate includes bonus features like free monthly FICO® Score Experian, price protection, purchase protection and extended warranty protection. And unlike most cards with long 0% intro APRs, we do not need perfect credit to be approved for Slate. People with "good" credit (which usually means the credit ratings of 700, but sometimes as low as 650) may also be approved. Overall, this is a great card to help you manage and pay your existing balances without requiring transfer fees balance or annual fee.
The Ring Mastercard Barclaycard not combine balance transfer fees and no annual fee with an incredibly low 8.00% APR continues (variable ). Although there is no intro period 0% APR, if you have excellent credit and plan on moving your balance for a while the low current interest rates could save you the money on the cost of long-term interest. It also includes a free monthly TransUnion Score and FICO® the rare ability to share the benefits of the card and voting on the card benefits and features you want. We highly recommend this card to anyone who may not be able to pay off their credit card balance in the near future.
If you are not sure of balance transfer card is best for your situation, use our free balance transfer calculator to determine which card will save you the most money.
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