The seemingly complex financial terms may make it difficult for many to understand various terms associated with credit cards. So to say, a significant number of people may not have an idea as to which is the best credit card for balance transfer no fee. That said, what is a balance transfer credit card?
Balance transfer credit cards are made to suit those paying off debts. They can be used to move a pending debt balance from one card, possibly with high interest to another that charges no interest temporarily. This provides the credit card owner with some interest-free time to focus on repaying the debt.
Finding the best credit card for balance transfer no fee can be challenging. Most credit companies charge between 3 – 5 percent transfer fees. Therefore, those transferring $5,000 to a card charging 3% fee, they will have to part with $150 as fees. However, if you can find credit cards with 0 balance transfer fee with no interest periods, they can help in paying debts modestly faster and cheaper.
That said, common credit cards offering these services include most online store credit cards guaranteed approval among other few credit card companies. The balance transfer cards can be used for various uses, including home renovations, moving and purchasing furniture from furniture stores .
Top 6 Balance Transfer Credit Card With No Fee
1. Amex Everyday Credit Card
Cost-conscious individuals paying off huge debts can consider the Amex Everyday Credit Card a good option. Apart from the irresistible features allowing cardholders the pay their debts at interest-free and fee-free rates during their promotional period, the card comes with huge significant rewards and welcome offers. These distinguishing features make it the best transfer card for balance transfer no fee on the market.
Good for savvy saver and deal seekers : The card has the term “everyday” since it is geared towards daily supermarket shoppers making grocery runs and other daily purchases. The possibility to earn rewards without paying annual fees makes this card a good option for those who want to make the most from their regular expenses. Certainly, hundreds of cashback cards can offer such rewards for regular shoppers, but Amex Everyday Credit Card has awesome redemption menu options.
- No annual fees : Most balance credit cards use the zero annual fee feature as their selling point. Well, this isn’t an exception either. The card allows members to gain extra membership points without paying yearly for this privilege.
- Irresistible balance transfer offer : Whereas there are few cards offering a longer 0% introductory periods, most have fees soaring up to 5%. To enjoy the 0% offer from Amex, make sure that you make your transfers within 60 days.
- Enticing points and rewards : With the Amex Everyday Card, users earn membership rewards that never expire provided they operate an active account. For instance, for every $1 spent, cardholders earn 2 points to an annual limit of $60,000. If this limit is reached before the year ends, purchases earn one point for $1 spent for the remaining period of the year.
Cardholders also enjoy 2 points in every $1 spent on eligible travel expenses, which include prepaid hotels, cruise reservations, air tickets, and vacation packages. Note that the payments should be made through American Express Travel to earn the rewards.
- No annual fees
- Extra rewards
- High-end balance transfer offers
- Foreign transaction fees
- Unfair welcome offer
2. PenFed Promise Visa Card
The PenFed Promise Visa Card is a perfect option for those looking to sidestep fees entirely. The credit card doesn’t charge any balance transfer costs, cash advance costs, foreign transaction costs, and late fees. Any person can get the card but should be willing to make $5 deposit to PenFed savings account upon submitting their application form.
- Good choice for balance transfers : When looking for a balance credit to transfer high-interest debts to a low or zero interest cards, there are limited options. Experts suggest going for a card with the longest available terms, which are ideally 0% introductory APR or one that charges low fees to make the balance transfer. In that case, the PenFed Promise Visa Card provides a twist of these two options. The card has no balance transfer fees but also has no 0% introductory period.
- No late fees or penalty APR : Inconveniences may come up, and you may skip or miss to make due payment. This is normal, and PenFed Promise Visa Card understands. The cards forgiving nature is appealing, as it charges no penalty APRs or late fees for such one-time situations.
- Required membership : Like any other credit union, PenFed Promise Visa Card requires that any person looking to enjoy their financial products should join and become a member. The good thing is that the credit institution has relaxed membership requirements. For that, you don’t need to be affiliated or related to a member to join the union. All you need is to fill up your application form and deposit a minimum of $5 in your savings account.
- No annual fees
- No foreign transaction fees
- 0 balance transfer fees
- No cash advance fees
- No penalty APR
- Membership requirement
- No rewards
3. Aspire Platinum Rewards MasterCard
The Aspire Platinum Rewards MasterCard offers another rare combination of irresistible perks that makes it a fair option for paying debts. Among the notable benefits include a signup bonus, 0% introductory APR, no annual fees, and no introductory balance transfer fees.
- Good signup bonus of 5000 points for spending $2000 within the first 3 months of opening the account.
- MasterCard feature benefits, including extended warranties, ID theft protection, and price protection.
- 0% introductory APR for the first 6 billing cycles for both purchases and balance transfers. Afterward, users will be charged up to 18% variable rate.
- Generous credit limits
- Redeemable points with items such as televisions, tools, appliances, movie tickets, coffee brewers, and much more.
- No transaction fees
- 0% introductory APR
- Good signup bonus
- High annual fees
4. Discover it Balance Transfer Card
Discover it Balance Transfer Card is an elite balance credit card for those with either good or bad credit. The credit card has a 0% rate in the first 18 months on full balance transfers, 0% rates on new purchases for 6 months and a regular APR of between 14.24% -25.24% based on individual creditworthiness. Balance transfers are then charged at between 3% and 5% after the period.
- Good introductory offer – the credit card automatically matches all cash back earned at the end of the first year. No signing up is required, and there is no limit to the amount matched.
- Users earn a 5% cashback on various purchases made, including in grocery stores, online retailers such as Amazon, gas stations, and restaurants. Besides, there is an automatic 1% cashback on any other purchase.
- Rewards never expire, and cashback can be redeemed to any amount.
- Access to free FICO credit scorecard
- No annual fees
- Good rewards
- Lengthy balance transfer period
- Affordable balance transfer fee afterward
- Requires good credit
- The potentially high regular rate
5. Navy Federal Credit Union Platinum Credit Card
The 0% introductory APR coupled with no balance transfer and annual fee makes the Navy Federal Credit Union Platinum Credit Card an outstanding balance credit card. As the name suggests, membership is restricted to military service personnel, civilian employees of the department of defense, and their family members.
- 0% introductory APR that applies on balances transfers that are requested within 30 days of opening the account.
- No liability policy for reported fraud and unauthorized transactions.
- Cell phone protection and collision damage waivers.
- Extended warranty, travel, and emergency assistance.
- Flexible freezing and unfreezing of accounts.
- Low cash advance fees and APR
- No annual fees
- No balance transfer fees
- Extended period for introductory balance transfer APR
- No foreign transaction fees
- Doesn’t offer rewards
- Strict membership requirements
6. SunTrust Prime Rewards Credit Card
The SunTrust Prime Rewards Credit Card is a seemingly balance transfer credit card with low-interest introductory rewards. For those who need some extra breathing room to pay their balances, this is a solid deal. However, unlike other balance credit cards, it lacks the common 0% introductory APR period.
According to the issuer, anybody with a SunTrust account can apply for this card from all the US states except Vermont. It also accepts applications from non-account holders from 11 US states and Washington DC.
- Has a low promotional rate extending to three years, but subject to credit approval
- Has a signup bonus that includes a 1% cashback reward on everything and a $100 statement credit for users who have spent more than $500 on qualifying purchases.
- No balance-transfer fees for balance transferred within 60 days after account opening.
- $0 annual fees.
- No foreign transaction fees.
- Hundreds of redemption options which include e-gift cards, cashback, travel, and more.
- Free FICO credit score access
- Free annual fees
- Baggage delay insurance
- Low promotional rate
- Geographic restrictions for applicants
- Mediocre ongoing rewards
How do the Credit Card Balance Transfer Work?
As mentioned, balance credit cards allow users to move their debt from one credit card, possibly due to high interests to another card. Essentially, it will be paying off the initial credit card with a new credit card. Most people transfer credit to a card with low-interest rates, to help them save on the monthly payments, thus pay off the remaining balance with ease.
For instance, if you are paying a debt of $3,000 at 12% interest, you will incur approximately $560 monthly for 6 months to complete the credit. However, with balance transfer cards, you can transfer the $3000 credit balance to a credit company that doesn’t charge any interest for the first six months, you will have saved $500.
Credit Card Balance Transfer Fee
A significant number of balance transfer credit cards charge between 3 and 5% for transfer of credit balances. Most allow up to 100% transfer of credit limits, without the fees. However, cards that offer the service at no fee are on the rise. Other credit companies lower or waive the entire fees if users transfer the entire amount in a given time period.
As it may seem, it makes a lot of sense to transfer your debt to a 0% credit card in a bid to minimize interest payments. However, this isn’t always true. The reason being that most balance-transfer cards carry higher than average APRs. You should repay the balance before the end of the introductory period as it can potentially cost more on interest rates and fees.
Steps To Complete a Credit Card Balance Transfer
If you are convinced that a balance transfer card is a good option, you could be wondering where to begin this process. Well, the entire process is simple from the cardholder’s end. Follow the following steps.
- Find a suitable balance transfer Credit Card Company. There are hundreds of balance-transfer credit companies on the market. Conduct a thorough evaluation to find one that suits your needs. You can consider one of the companies reviewed above for this case. Check on various factors, including balance transfer fees, interests, rewards, and much more to find a good credit firm.
- Apply for a balance transfer card – once you find a suitable company, you should make an application for the credit card.
- Collect your card information – you should then find the account details of your credit card with the debt. Such information includes card balance and account number.
- Contact customer service – most credit card companies work remotely. With your card details, call their customer care support and provide them with your details. They will then contact your “transfer from” credit company to move the amount requested.
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A Finishing Note
Credit cards for balance transfers are a savior for those managing debts. They help ease the cost of interest rates in credit, enabling individuals to clear off their debts in good time. They also provide additional benefits, including reward schemes, cash back benefits, and access to credit checks.