A credit card issuer charges a balance transfer fee to transfer a balance from another creditor. Learn the pros and cons of balance transfers.
Save money on credit card interest · If you transfer a balance from a high-interest credit card to a Discover Card with an introductory 0% APR balance transfer offer, you can use the money you save on interest charges to pay down your debt. Pay down your current credit card debt · When you consolidate all your higher-rate credit card debt--or other outstanding debts--with a Discover balance transfer offer, you end up with a single monthly payment and may reduce how much you pay in interest i...
Vault’s Viewpoint on Balance Transfer Fees ; The majority of balance transfer credit cards charge balance transfer fees between 3% to 5% of the debt amount transferred. ; Balance transfer fees are added upfront to the debt amount moved to a new card, thus increasing the person’s debt load off the bat. ; Having ample time to pay down debt at 0% APR can make paying a balance transfer fee worth it despite the cost.
The best no balance transfer fee card · Wings Visa Platinum Card · 2.7/5 · SCORE · Annual Fee · $0 · Rewards Rate · N/A ; For service members and their families · Navy Federal Credit Union Platinum Credit Card · 3.0/5 · SCORE · Annual Fee · $0 · Rewards Rate · N/A
Written by India Davis and Garrett Yarbrough ; Edited by Nouri Zarrugh ; Reviewed by Beverly Harzog
Credit card issuers charge a balance transfer fee on the total amount transferred from one credit card to another, but that shouldn’t steer you away.
Annual Fee : $0, Regular APR : 17.74% – 27.74% Variable, Intro Bonus : N/A, Credit Score : Good – Excellent
Sometimes you can find a promotion with no balance transfer fee and a 0% introductory period APR, but let’s assume you have to pay a 3% balance transfer fee, which is common. In this case...
rate (APR) . You may pay a balance transfer fee (which normally ranges from 3%–5% of the... Transferring a balance if there's no 0% or low-rate interest rate offer can work, but it's...
With an APR as low as 11.00% and no annual or balance transfer fees, our low rate credit card is great for large purchases you want to pay off over time.