0% Balance Transfer Applications
While many credit card offers accept balance transfers, some are more advantageous to use to save money on interest than others. The focus of this website is to present those products that if used responsibly, will yield the highest interest savings when moving debt from one card to another. In addition to showcasing balance transfer credit cards with the most competitive rates and pricing structures, consumers will find information, commentary, and tips that can aid them when making a decision on which card to select.

Balance Transfer Update

There is still a no fee balance transfer credit card on the market, Slate from Chase. Utilizing a card that does not charge a transaction fee can save between $15-$25 for every $500 of debt moved to a new card (typical balance transfer fees range from 3-5%). Our editor recommends that consumers who are not searching for a balance transfer offer to move current debt from a Chase account should look into this particular option as no fee deals are few and far between and usually make the most sense from a savings perspective.

Balance Transfer Guide
Transferring a balance from credit card that is accumulating interest to a lower rate 0% offer is a good way to help pay down debt faster. Though the concept is fairly straightforward there it's very important to understand exactly how the process works, what to look for in a new card, and the best way to execute the transfer itself. For this reason we have put together this comprehensive Balance Transfer Guide to help consumers save money when executing a balance transfer.

Step 1: Understand the Terminology

There are several terms that apply to balance transfers. Though some of them may appear within the application in various places it is important to locate them on the application's terms and conditions make sure that you understand exactly how they may impact your credit card contract and ultimately the balance transfer itself.

Balance Transfer Fee

A balance transfer fee is a transaction fee that is charged based on the amount of debt desired to be moved. If a balance transfer fee is charged it will typically be between 3-5%. When an offer is promoted as a "no fee balance transfer," the fee is 0% of the balance, which is $0. If the fee is 3%, that means for every $100 transferred, $3 will be charged. So, if a consumer wanted to transfer a $1000 credit card balance to a new card that charged a 3% transfer fee, the cost would be $30.

Balance Transfer Fee Minimum

When there is a balance transfer fee charged there will usually be a minimum dollar amount. This usually ranges between 5-$15 and means that the transaction fee is less than the balance transfer fee minimum, the fee will be rounded up to that minimum. For example, if a $100 balance is transferred to a card with a 3% balance transfer fee and the balance transfer fee minimum is $10, the fee which would be $3 (3% of $100 is $3) had there been no minimum, would be rounded up to $10 because that is the balance transfer fee minimum. This really only applies when dealing with lower dollar amount transfers.

Balance Transfer Fee Cap or Balance Transfer Fee Maximum

Some cards will have either a cap or maximum placed on their balance transfer fees. Though not as common these days as a minimum, a maximum/cap will be the most that will be charged for a balance transfer fee. For example, if a balance transfer fee cap or maximum of $75 is in place on a card that charges a fee of 3% and $3000 is to be transferred, the transaction fee will be $75 rather than $90 (3% of $3000 is $90) because the maximum or cap is set at $75 per the terms and conditions. Though atypical in this economic climate, this attribute does still exist with some offers and because the credit card market constantly evolves it may become more common in the future.

APR for Balance Transfers - Including 0% Introductory APR's

This is the interest rate charged for balance transfers once the transaction has been completed. Most balance transfer cards, the ones that should be used, come with 0% introductory APR's. With a 0% APR, no interest will be charged for a certain amount of time. After that, a different APR will apply to the balance which is usually a based on your credit worthiness, or what the issuing bank assigns to your account based on a review of your credit history. For example, a credit card with a 0% intro APR for 15 months with a variable rate thereafter of 11.99-20.99% based on your creditworthiness means that no interest will be charged for 15 months and then and interest rate as low as 11.99% may be charged to the remaining debt after the 15 months is over for elite pricing. Those who are not awarded elite pricing based on a review of their credit history may have up to a 20.99% interest rate applied to their balance. Though the exact wording for this within the terms and conditions may look similar, there are several things to look out for that alter the meaning that we will touch on later under "Examining the Terms and Conditions."

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Important Disclaimer: *See the online credit card applications for details about terms and conditions of reward programs, balance transfer rates, other terms and conditions of the offers presented. Reasonable efforts are made to maintain accurate information. However all credit card information is presented without warranty. When you click on the " Apply" button you can review the credit card terms and conditions on the credit card issuer's web site.

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