If you’re trying to pay off credit card debt or consolidate high-interest balances, finding the right credit card can make a world of difference. Enter credit cards with no balance transfer fee and 0% APR — these are life-savers for anyone wanting to manage debt efficiently. These types of credit cards offer incredible savings by allowing you to transfer balances from high-interest cards with no additional fees, and you won’t have to pay any interest for a set period.
In this guide, we’ll review some of the best credit cards with no balance transfer fee and 0% APR, explaining the features, benefits, and potential drawbacks to help you choose the best one for your financial needs.
What Are Credit Cards with No Balance Transfer Fee and 0% APR?
Before diving into the top options, let’s break down what these cards offer and why they’re so beneficial.
What Is a Balance Transfer Fee?
A balance transfer fee is typically a percentage of the balance you’re transferring from one credit card to another. On average, this fee can range between 3% and 5%. This fee can add up quickly, especially if you’re transferring a large balance.
What Does 0% APR Mean?
APR (Annual Percentage Rate) refers to the interest rate you pay on any outstanding credit card balance. A 0% APR offer means that for a set period (usually 6-18 months), you’ll pay no interest on any transferred balance or new purchases.
How Do These Cards Work?
When you use a credit card with no balance transfer fee and 0% APR, you can transfer debt from a high-interest card to one with a 0% APR for a set period—often 12-18 months. During this promotional period, you won’t pay any interest on your transferred balance, which allows you to pay off debt faster.
The Benefits of Credit Cards with No Balance Transfer Fee and 0% APR
These cards can provide several advantages, especially if you’re looking to consolidate debt or pay off high-interest credit cards.
1. Save Money on Interest
By transferring your balances to a card with 0% APR, you can avoid interest charges during the promotional period, which could save you hundreds, or even thousands, of dollars.
2. Pay Off Debt Faster
With the extra money saved on interest, you can put more towards paying down your principal balance. This allows you to pay off your debt faster and for less money.
3. Consolidate Multiple Debts
If you have multiple credit card balances, a balance transfer card can help you consolidate all your debt into one place, making it easier to manage. Plus, you’ll only have to deal with one low or zero interest rate.
4. Enjoy Introductory Offers
Many 0% APR credit cards come with additional perks like cash back, rewards points, or travel benefits, making them an attractive option for consumers.
Best Credit Cards with No Balance Transfer Fee and 0% APR in 2023
Here’s a list of some of the best credit cards with no balance transfer fee and 0% APR that can help you save money and pay off your debt faster.
1. Chase Slate Edge℠
Why It’s Great:
The Chase Slate Edge℠ card is known for its balance transfer options. It offers a 0% intro APR on purchases and balance transfers for the first 18 months, with no balance transfer fee if you complete the transfer within the first 60 days of account opening. After that, a 5% fee applies, so make sure you act quickly.
Key Features:
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0% Intro APR on balance transfers and purchases for 18 months.
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No balance transfer fee for the first 60 days.
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1% cashback on all purchases after the intro period.
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No annual fee.
Drawbacks:
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Limited to transfers within the first 60 days to avoid the balance transfer fee.
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After the introductory period, interest will apply to remaining balances.
2. Citi® Diamond Preferred® Card
Why It’s Great:
The Citi® Diamond Preferred® Card is another solid choice for transferring balances with no fee. It offers a 0% introductory APR for 21 months on balance transfers, which is one of the longest balance transfer offers available.
Key Features:
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0% Intro APR on balance transfers for 21 months.
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No annual fee.
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Access to Citi’s Easy-to-Use Online Tools for managing your balances and payments.
Drawbacks:
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3% balance transfer fee after the first 4 months.
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No rewards program or cashback offers.
3. Discover it® Balance Transfer
Why It’s Great:
The Discover it® Balance Transfer card offers a 0% APR for 18 months on balance transfers, and no balance transfer fee during the first 3 months. Plus, you’ll earn 1-5% cashback on purchases, making this card a great option for both balance transfers and everyday spending.
Key Features:
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0% Intro APR for 18 months on balance transfers.
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No balance transfer fee during the first 3 months.
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1% cashback on all purchases (up to 5% in rotating categories).
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Free FICO® Credit Score with monthly statements.
Drawbacks:
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Balance transfer fee after the first 3 months (5%).
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High APR after the 18-month introductory period.
How to Choose the Best Credit Card for Balance Transfers
Selecting the best credit card for balance transfers depends on your unique financial situation. Here are a few factors to consider:
1. Length of the Introductory APR Period
If you’re transferring a large balance, a longer 0% APR period, like the 21-month offer from the Citi® Diamond Preferred® Card, can give you more time to pay off your debt without accruing interest.
2. Balance Transfer Fee
Make sure to review the balance transfer fee structure. Some cards waive the fee for a limited time, while others charge 3%-5% after a certain period. Choose a card that gives you enough time to transfer balances without paying a fee.
3. Other Fees
Look out for any annual fees, foreign transaction fees, or late payment fees that could eat into your savings.
4. Additional Perks
Some credit cards offer cashback, rewards points, or other benefits. If you plan to use your card for everyday purchases, a rewards credit card might be the best option.
FAQs About Credit Cards with No Balance Transfer Fee and 0% APR
1. What is the best balance transfer card with no fees?
The Chase Slate Edge℠ offers no balance transfer fee for the first 60 days, making it a great option for those looking to transfer debt without incurring extra costs.
2. How do I avoid paying interest on a balance transfer?
To avoid interest on a balance transfer, make sure to pay off the balance before the introductory 0% APR period ends. If you don’t, you will be charged interest on the remaining balance.
3. Are there credit cards with 0% APR on balance transfers for more than 18 months?
Yes, the Citi® Diamond Preferred® Card offers 0% APR on balance transfers for an impressive 21 months, the longest on this list.
4. Can I transfer balances from multiple credit cards?
Yes, most balance transfer cards allow you to transfer balances from multiple cards. This can be especially helpful for consolidating your debt into one monthly payment.
5. What happens after the 0% APR period ends?
Once the 0% APR period ends, you’ll start paying the regular APR on any remaining balance. Make sure to pay off as much as possible during the intro period to minimize interest charges later.
6. Can I transfer a balance from a store credit card?
Yes, you can typically transfer balances from store credit cards to a balance transfer credit card, but check the terms of the new card to ensure it’s allowed.
Conclusion
Credit cards with no balance transfer fee and 0% APR are fantastic tools for managing credit card debt and consolidating balances. They give you the chance to pay off your debt faster by avoiding high-interest rates. When choosing the best card for your needs, consider factors like the length of the intro APR period, any fees, and the card’s perks.
The cards listed above, such as the Chase Slate Edge℠, Citi® Diamond Preferred® Card, and Discover it® Balance Transfer, all offer excellent options depending on your balance transfer needs. Whichever card you choose, make sure you understand the terms and conditions to maximize your savings and achieve your financial goals.
Remember: paying off debt takes time, but with the right credit card, you can significantly reduce the financial burden and gain control of your finances.
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