Balance transfer credit cards that do not charge any fee or zero balance transfer credit cards are available in the market. A proper search is required to find these cards. With these cards, money can be saved on the cards that charge high interest rate. Transfer fee is the main concern for many people as high fees are charged when balance is transferred to a card that charges low interest rate. Finding credit cards that do not charge any transfer fee is not easy due to the changes going on in the market and also the extension for the introductory rates is up to 6 months. The terms should be read carefully.
Requirements for 0 Balance Transfer Credit Cards (No Fee)
1. The person should have a good credit history. Presently, companies do not offer credit cards having 0% APR and no fees. Still, there are credit cards with low APR and no fees. You may need to get help with debt management and fix your credit score first if you have a bad credit rating.
2. Comparison should be made between cards offering 0% APR for a longer duration of time and cards offering low APR without any fees. The card that would lead to saving a good amount of money should be selected.
3. There is a Master Card called Bryant State Bank that offers 3.25 APR for the period of 6 months. The card does not charge any fee. The person interested in taking this card should know that they are supposed to make their payments within 6 months.
4. Not many balance transfer credit cards are there that capture the interest of the consumers. The main purpose of the balance transfer credit cards having no fees is pure business with the consumers. Capital One also offers credit cards having low APR and no fees. Before considering the offer, people should take note of the rate of interest charged after the expiry of introductory period and the conditions that would lead to late payment fees.
5. If there is no saving of money on taking a credit card having no fee and not so attractive APR then considering balance transfer credit cards with low fees is a better option.
A Word of Caution
People should read all the terms and conditions carefully before dealing with any credit card company. They should also see that they are being offered the same APR as claimed by the company.