A credit card issuer charges a balance transfer fee to transfer a balance from another creditor. Learn the pros and cons of balance transfers.
Looking for a bit of breathing space on your existing credit card balance but don’t want to pay extra fees? Our Everyday No Balance Transfer Fee Credit Card might be what you’re looking for. ; With no fee to transfer your balance and 0% interest on balance transfers for 12 months, our card is ideal for those wanting to keep costs low. ; From the date of account opening, you'll get:
Balance transfers are a useful financial tool but often come with fees. Here's how to save with the best credit union cards offering no transfer fees.
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.
Affiliate links for the products on this page are from partners that compensate us and terms apply to offers listed (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate credit cards to write unbiased product reviews. Balance transfers can be an excellent debt-elimination tool when used correctly. By consolidating credit card debt from one card to another, you can take advantage of a promotional 0% APR or lower interest rate and get out of debt faster. However, there are s ...
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.
A balance transfer fee is the price you pay to move a debt from one creditor to another. The fee may be worth paying if you’re transferring debt to a lender that charges a lower interest rate.
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
How balance transfers work A balance transfer is exactly what it sounds like -- you move debt... There are a few credit cards with no balance transfer fee available, though the approval...