Balance Transfer Credit Card Overview: Explanation of Terms 0% APR Balance Transfers: Perhaps the most important feature to look for in any balance transfer are the 0% terms. These are defined as the time period where no interest is accrued on the amount of money transferred from one credit card to the new balance transfer card. 0% terms typically range in the 6-12 months. There are certain offers that also come with 0% terms on purchases as well. It is advised to take advantage of these offers. No Fee Balance Transfers: This pertains to the transaction fees associated with balance transfers. Most credit cards charge 3% of the total amount moved from one offer to another with a cap between $75 and $99. There are a few that do not (at the expense of a 12 month 0% introductory rate). These credit cards allow you to transfer balances easily online with no balance transfer fee. Fixed Rate Balance Transfers: A fixed rate balance transfer credit card is an offer that provides you with a fixed interest rate on the amount moved to your new card. Fixed rates vary, but are typically between 3.99%-5.99% which are much lower than typical prime + rate offers. Contrary to popular belief, there are no 0% fixed balance transfer rate credit cards on the market. At one point in time there was a 0% balance transfer offer from Discover, but consumer abuse (people never making payments on their card) and other factors have caused Discover to pull this from the market close to 5 years ago. Business Balance Transfer Credit Card: These are balance transfer credit cards geared toward small business owners. In order to qualify for one of these cards, you must be an officer of your business and you must provide a Federal Tax ID Number (EIN). The exception to this rule is with Advanta credit cards where you may leave this field blank and put your own name in as your business name. Best Balance Transfer Credit Card: There have been several questions regarding which is the best balance transfer credit card available. It is our opinion that the "best" offer is one that provides both a 0% term on balance transfers and purchases for 12 months even if the offer comes with a balance transfer fee. Very few cards fit that bill, and our current choice for the best balance transfer credit card is the Discover More Card. 0 Interest Balance Transfer Credit Card: The 0 interest refers to a 0% introductory term. The term will typically be either 6 or 12 months and in some cases even 15. These types of credit cards should not be confused with 0% fixed rate balance transfers for the life of the balance which do not exist. Fixed for Life of the Balance: This refers to the APR as fixed or never-changing. It essentially means that the "life" or the whole time that the balance transferred is active. Life of the transfer rates typically range from 3.99%-5.99%. 0% Cash Advance Checks: These can be either used for balance transfers or as direct deposit into your personal bank account. Currently, Bank of America credit cards are the leading issuers of credit cards with cash advance checks. Though these checks have 0% terms, they do come with 3% transaction fees, so do not treat them as a 0% APR no fee balance transfer credit card.