Credit cards with zero transfer fees can help you to eliminate debt without incurring interest charges. Most such cards offer an introductory APR discount of 0% for balance transfers made within 60 days of opening the card, giving you time to repay what owes without interest fees being added onto it.
Financial experts say these cards can be beneficial if your plan is to pay off debt before the 0% period ends, though there are certain points you should keep in mind before applying.
0% APR on balance transfers for an introductory period
Credit cards with zero APR balance transfers are an effective way to reduce debt and save money, but be careful that you clear it all off before the introductory period ends or else higher interest charges will apply. Longer 0% intro periods typically incur higher balance transfer fees while shorter ones often charge less; additionally, consider whether your chosen card offers rewards and other perks that add additional value beyond this 0% APR period.
Credit cards typically offer 0% APR introductory periods on new purchases and balance transfers – sometimes for up to 18 months or even longer, depending on the card. Some even waive balance transfer fees during this time! But for maximum savings on interest and fees, consider selecting one with an extended 0% intro period of 15 or 24 months; see our expert selections below for options with such offers.
No balance transfer fee
Credit card balance transfer cards usually charge fees for transferring debt, but some don’t. These cards can help you quickly pay off debt by eliminating extra costs and offering low intro APR rates for balances you transfer – plus they may provide other perks or earn rewards! Compare features to find one that best meets your needs.
Most credit cards require good to excellent credit in order to qualify, and some don’t allow balance transfer between cards from the same issuer, like two American Express cards, without incurring fees such as foreign transaction and cash advance charges. When looking for cards without balance transfer fees, look for those offering low introductory APRs and no foreign transaction or cash advance charges.
No annual fee
Credit cards offering no balance transfer fees can help you quickly repay debt while saving money over time. Some of these cards also feature attractive sign-up bonuses and rewards programs; however, it is important to keep in mind that these cards may not be available to everyone; many credit card issuers charge an annual fee for balance transfer cards.
Balance transfer fees typically range between 3-5 percent of the amount transferred, making these costs comparable to what would be due in interest on outstanding debt.
To select the ideal credit card for you, first assess how long it will take you to repay your debts, compare intro periods, and view credit score updates on WalletHub free of charge to see what cards qualify you. Next, find one which provides the right combination of benefits and savings that meets your individual needs.
No foreign transaction fee
Credit card foreign transaction fees can add up quickly for frequent travelers. Each time they use their card abroad, their card issuer has to convert local currencies to U.S. dollars before billing you correctly; many card issuers cover these costs through charging an international transaction fee which can reach as high as 3%.
Capital One cards do not charge foreign transaction fees, while most others charge between 2% to 3% in transaction fees (usually made up of one from the card network and one from card issuers) per foreign transaction made with their cards. These charges may become costly quickly if used to book hotel stays or purchases online in foreign currencies or when processing payments to sellers that process payments in another country. Some cards also come equipped with additional travel or purchase protection benefits like TSA PreCheck/Global Entry application fee credits as well as cell phone theft protection benefits.
