0% Balance Transfer Credit Cards (No Fee)
Updated List Of The Best No Fee, 0% Balance Transfer Card Offers Below
Zero percent balance transfer cards are a particular selection of credit cards that I’ve had a lot of exposure and experience with. I’ve used them for everything from temporary financial emergencies to balance transfer arbitrage purposes. During times when I needed a temporary source of cash, I’ve applied for 12 month 0% interest credit card offers and requested balance transfer checks. For the duration of the promotional period I would have the needed money to tie me over. Of course I always paid the balance back in full after the introductory period ended.
Well, as I mentioned in an earlier post, I’m looking to get back to making some extra money by doing App-O-Rama balance transfers. The process works by submitting new card applications from a select list of balance transfer cards that offer introductory 0% APR. The transferred balance is then deposited into a high yield savings account to earn free interest for the duration of the balance transfer period. When it’s over, you pull the money out, repay the credit card and pocket the interest profit. The amount of arbitrage income you can earn depends on how many credit cards you apply for, the total credit limit, the duration of the no interest promotional period, and whether there are any one time balance transfer fees. People looking to make money from balance transfers usually apply for a high number of 0% offers at one time (view complete list of balance transfer credit cards).
0% APR Offers With No Balance Transfer Fees Are The Best, But Are Getting Harder To Find
Perhaps credit card companies have finally caught on to the whole business of people taking advantage of no interest credit card offers to earn balance transfer profit, but the number of no balance transfer fee cards have dwindled. Listed below are the best 6-12 month 0% balance transfer credit card offers with no balance transfer fees (unless otherwise noted). The compilation contains a mixture of personal and business credit cards. Remember, you can apply and qualify for a business balance transfer card by listing your personal name as your company name on the business credit card application. You can properly do so without actually owning a separate small business.
Currently, all of the 0% balance transfer credit card choices out there that have no balance transfer fees have periods of up to 6 months. As for No Balance Transfer Fee card offers of 12 months or more, they are not currently available, but this may change in the near future as card issuers change their policies to attract new cardholders. I will update this list regularly as I become aware of new offers. Please let me know if you discover any as well.
No Balance Transfer Fee, Low Interest and 0% Balance Transfer Card Offers
- Simmons First Visa Platinum Rewards – No balance transfer fee, low interest balance transfer deal
- Simmons First Visa Platinum Credit Card – No balance transfer fee, low interest balance transfer
- IberiaBank Visa Platinum Rewards Card – 0% balance transfer for 6 months, no transfer fee.
- IberiaBank Visa Gold Cash Back Rewards Card – 0% balance transfer for 6 months, no fee.
- IberiaBank Visa Classic Card – 0% balance transfer for 6 months, no balance transfer fee.
- Pulaski Bank Visa Card - 0% balance transfer for 6 months, no fee.
- Pulaski Bank Gold Visa Card – 0% balance transfer for 6 months, no transfer fee.
- Washington Mutual ESPN Card – Receive your updated FICO credit score each month for free. Earn 5 points per $1 spent on purchases from ESPN and 1 point per $1 spent everywhere else. The card also offers a 0% APR rate for both balance transfers and purchases, with no balance transfer fee.
- Bank of America Pet Rewards Card – 0% balance transfer for 6 bill cycles with no fee.
- American Express IN:NYC Card – 0% introductory rate for purchases and balance transfers for 6 months, no fee. Earn additional 2% purchase rewards for dining, movie theaters, cell phone service, cable TV, gym memberships, and magazine/newspaper subscriptions throughout the U.S. Also earn 1% rewards for everything else. Rewards can be redeemed for entertainment, dining, and drinking services at select locations in New York City, Los Angeles, and Chicago.
- American Express IN:LA Card – 0% introductory rate for purchases and balance transfers for 6 months, no fee. Description of the card rewards program is the same as the Amex IN: NYC Card.
- American Express IN:Chicago Card – 0% introductory rate for purchases and balance transfers for 6 months, no fee. Description of the card rewards program is the same as the Amex IN: NYC Card.
List Of Other Active Balance Transfer Credit Card Deals (6- 12 months)
- Citi Forward(SM) Card – (3% fee) – 0% APR for 6 months on balance transfers and purchases (special offer: $100 sign up bonus)
- Citi Platinum Select Card – 0% balance transfer for 6 months (3% fee)
- Chase Slate Card – 0% APR interest on purchases for 12 months
- Chase Freedom Card – 0% APR interest on purchases for 12 months (get $50 free cash back after your first purchase)
- Discover More Card – 0% balance transfer for 6 months (3% fee)
- Miles By Discover Card – 0% APR balance transfer for 6 months (3% fee)
- Discover More Card – Clear – 0% balance transfer for 6 months (3% fee)
- Discover More Card – American Flag - 0% balance transfer for 6 months (3% fee)
- Discover More Card – Wildlife Collection – 0% balance transfer for 6 months (3% fee)
- Discover More Card – Sealife Collection – 0% balance transfer for 6 months (3% fee)
- Discover More Monogram Card – 0% balance transfer for 6 months (3% fee)
- Discover Escape Card – 6 months for balance transfers and purchases – (3% fee)
- Citibank mtvU Card For Students - 6 months for both 0% balance transfers and purchases if you qualify (3% fee)
- Visa Black Card – 6 months for balance transfers (3% fee, $50 max) – My take on the Visa Black Card
- Discover Open Road Card – 0% balance transfer for 6 months (3% fee)
November 5th, 2007 at 10:13 am
Thanks for sharing that. I really hope the rates stay like that because it could be a good deal for a lot of people, but one thing I find hard to keep track of is how their rates can change over time. Its hard to keep track of all the numbers, even without all the small print and hidden fees cards seem to have without rates changing over time. One of the worse ones are interchange fees because we don’t even know what the rates are since they’re not on our statements even. I’ve done some work with the MPC, and it seems to me that all of this is just getting worse before its getting any better.
November 5th, 2007 at 5:36 pm
You’re right, credit policies seem to change monthly. I had to scrutinize each credit card’s fine print carefully to make sure they were truly 0% for 12 month with no balance transfer fees.
I hope Citibank doesn’t succumb to the 3% fee trend but I have a bad feeling they will eventually. They’ve already scrapped a few of the better reward cards. Remember the Citibank Dividend Card? It went from 5% cash back to only 2% now.
January 29th, 2008 at 9:33 pm
i totally agree. i know a lot of people that could really testify that app-o-rama is the real deal.
May 10th, 2008 at 8:56 pm
I understand that if you sign up as a member at Upromise.com, there is a link to apply for the Citi Upromise Mastercard. If you apply through the Upromise site, the offer includes 0% for 12 months with no balance transfer fee.
June 12th, 2008 at 3:29 pm
Steve, you’re right about the upromise. Here’s the terms as of 6/12/08 (link)
I wonder if the 50 cents applies even in a month no interest is due? Even so, $6.00 per year isn’t bad to have an “interest free” account.
June 18th, 2008 at 4:16 pm
As of 6/18 it looks like things have changed
Penny’s link provides this…
Balance transfer fee: 3% of each balance transfer; $5 minimum. There is no fee with the 0.00% APR balance transfer offer described above
I just signed in to Upromise and tried the application and the same line has changed to
Balance transfer fee: 3% of each balance transfer; $5 minimum.
June 19th, 2008 at 2:21 am
Fahz, you’re right. Looks like the offer was revised within the last few days. Other than the cards listed above, the Chase Disney card is perhaps your next bet at 0% f/12 mos. with a max. fee of $50
June 19th, 2008 at 6:55 pm
Nice list no fee balance transfer credit cards! I was trying to find a list like this. Too bad 0% credit cards that offer balance transfer rates for 12 months or more usually have balance transfer fees. Well, at leas they are limited to a certain amount.
July 23rd, 2008 at 12:31 pm
Hi there, just read your helpful guide to balance transfers.
I have a huge balance on a credit card that I’d like to transfer. Couple questions.
1st. Does it have to be a balance transfer? Couldn’t I just go to pay my bill online and pay the existing amount with different credit card?
2nd. Its hard to get questions answered before applying for a credit card, such as: I have a WAMU paypal card, and that first one on your list of 0% APR purchase, and 0% APR no fee balance transfer ESPN card is WAMU as well. Assuming I’m approved, would I even be able to do a balance transfer between the two cards?
September 14th, 2008 at 8:08 pm
Kevin, you can’t transfer balances with the same bank. I just read it on their fine print.
September 23rd, 2008 at 6:34 pm
Capitol One just released a 0% balance transfer offer, 12 months to pay it off, NO fees associated with this offer. The only hitch is the minimum monthly payment is 3% of the outstanding balance, where in the past it typically was 2%. Still a great deal for consumers with excellent credit, & quite surprising to see in these times of supposed credit availability reduction!!
September 28th, 2008 at 2:03 pm
B. Steer – can you provide a link to Cap One offer you mentioned? I called and they don’t have such a thing.
October 17th, 2008 at 6:54 pm
I’ve been playing the 0% BT for 15 years now–it’s paid all my education, down payment on my house, down payment on a beach house, my cars, the list goes on and on. I have opened just about every card that offered the 0% with no fee, and now, with $38K needed to flip by February, I’ve realized they all have a fee, most of which are 3%, even for current customers. I currently have all 38K on a Chase, and planned to switch it to a Discover which is offering me 0%, but with a 3% fee. However, Discover also has a card that has a $75 fee cap for new customers, but who would ever get approved with 38K credit limit? SOOOO… the trick is to open a new Discover with the better offer, then move your available credit from the old card onto the new card, which will bring my available credit to 40K. To move all that money for just $75 is quite a deal. When the 12 months is up, I’ll do the same, only back onto my Chase. I will have $40K available on my old Chase, then just open whichever one they’ll be offering with 0% BT at the lowest fee and move the available credit from the old Chase. Chase Disney also offers a $75 fee cap, so I’ll just hope it stays that way until next year.
October 21st, 2008 at 3:28 pm
I thought when you transfered balances to a zero % card the card company paid off your balances where do you get the cash to deposit?
Thanx
Doug
December 3rd, 2008 at 6:22 pm
I have found three 0% Balance Transfer cards with no or low balance transfer fees, all are only for 6 months: Band of America Pet Rewards, Chase Disney Visa, and IberiaBank (formerly Pulaski). At this time I don’t know how generous they are on credit limits. Also do not know how sensitive they are to applying to more than one card at a time to handle your total balance transfer need. A couple of other things to ask of an offeror: “How is the minimum monthly payment calculated (2%, 3%, 1/48th of balance, etc)” and “How is the term for the introductory (0%) offer stipulated”. The first is rarely disclosed up front, the second may be in the fine print when you apply. Application processing times vary, as well, so best to start at least 30 days before your current offer ends. I second the advantage of going with a company with which you already have a card – often you can up the present card’s credit limit and transfer some of it to the new 0% balance transfer card. Of course the new card must be from a different offeror than the one you want to transfer the balance from.
December 3rd, 2008 at 6:28 pm
Another thing to remember, always dedicate the balance transfer card to only balance transfers. You should have a separate card for your ongoing charges which you pay off monthly. Charges (purchases) incur interest and the monthly payment will be applied to the large transferred balance vice the new purchases, hence starting the cycle of ever-increasing interest until the entire card balance is paid off.
December 17th, 2008 at 10:03 am
I heard american People have amazing problems with their budget because they always use credit cards / The abridgment isn´t very good- You dont know “how much money i have on my bank etc.”.
I hope this is no statement which doesn´t suit into this blog… But wasn´t it the financial crisis for a few weeks which makes us all afraid ?!
In this connection i think it´s better to use your “real” money !?
But call me ignorant , This is only my thinking about this theme.
Greets, Chris
December 17th, 2008 at 11:40 pm
It all depends on how much discipline you have. Do you only buy things you would with cash or money in the bank? Do you keep a budget to monitor your monthly expenses? Do you have a separate card for purchases? The one you use for balance transfer offers should never be used for anything else because payments are applied to lower (0%) interest rate balances, meaning any new purchases don’t get paid off and therefore start drawing interest charges. To answer Doug’s question, the cash to draw interest on comes from an initial cash advance on an initial card. Its important to use a low interest credit card for that initial advance, and then quickly transfer the balance to a 0% interest card through a balance transfer before many interest charges are incurred. Credit Union cards are good for this because they often don’t charge a cash advance fee, just daily interest. I used initial cash for mu own large purchases, initially cars for personal use and later as business investments, cars to resell at a profit. The amount I keep as a running balance depends on what monthly payment I am willing to tolerate and how much cash I need for a business transaction. I would rather pay 0% and use someone else’s money free as long as I know I can pay it back at any time should the 0% offers end. Of course you need that cash reserve, stellar credit rating, and an income for the monthly payments if you want to preserve the principal for drawing interest. You can draw down the principal to make the payments, as well. I’m sure there are other angles, this is just how I have done it.
January 4th, 2009 at 9:34 pm
I dont have any credit card debt to pay, so what I have been doing the past four or five years is this. I leave one of my credit cards with no balance on it, then I apply for a balance transfer and then I have a negative balance on my zero balance card. Then I call the credit card company and tell them I want the negative balance refunded to me. Some will send checks while others will direct deposit in my bank. This worked great when the 12 month cards are out there. I then took the money and put it in a 12 month CD. Then this would mature a few weeks after the money is due, I take out another balance tranfer to pay this off, then keep it going. At one point in 07 me and my wife had 7 balance transfer cards with about $55,000 all spread out through the year. Most of the money was in CD’s. I then paid the minimums each month and left some money in a money market so that I could pay off the next one.
Its almost not worht it any more with CD rates below 4% and only 6 month terms on CD’s, but keep it in mind when rates go up and they increase the offers in the future. I only have one balance transfer account left, and will just pay it off when my CD matures. BUT I make a lot of money using their money. Back in 2005 I had all $55,000 in CD’s paying about 5.5% Interest. Thats about $3000 in interest for that one year.
January 5th, 2009 at 11:35 am
Watch Capital one, they gave me 0% and no transfer fee and then didn’t send my second statenment or it got lost in the mail. When I called them about the missing statemnet, they have already changed my rate. I never have had a statement not show up before, I think they did this on purpose.
January 5th, 2009 at 9:16 pm
I believe in making it easy, so I set up a draft, usually online, for the minimum payment to come out of my bank account. That way there are no missed payments and I don’t have to do anything. I have noticed some business accounts will not let you draft the payment, but virtually all cards have an “alert” or reminder service to send you an email when a payment is due, or you can use your computer to remind you. Here again I make the payment online so it is quick and simple. My hat’s off to Mike who had a great cash generator going. Probably worth the time if you can manage all the due dates, both credit card 0% offers and CDs. I”ve been using high interest online bank accounts, about 3.5% lately at CapitalOne and HSBC. I tend to do one card at a time so I can forget about it until the year (or 6 months) is about up and I have to find a new card offering 0%. Just did the rollover in December and it was tough to find any 0% cards with no balance transfer fee. Finally settled for a card I already have with Chase – they offered me 0% for 8 months but there is a capped transfer fee of $99. I figure I’ll net about $500 on a 28K balance in 8 months.
Very interesting doing a balance transfer from a card with a zero balance to get a credit balance for refund. Didn’t know the companies would let you do it. A great angle! The only 12 month card I know of right now with no transfer fee is Advanta Business, but you can’t have had an account with them in the last 6 months or they won’t issue a new card. I was able to slide in on the BOA Pet Rewards for no transfer fee (also no cash advance fee) before the deal ended – and they gave a $15K credit limit. Alas term is only for six months, though. I would be interested to hear how high credit card companies will go for a credit limit. I generally have had to combine limits from more than one card to get what I need though I have been able to get a $25K limit on some cards. I haven’t had one for over $32.5K. Never really sure whether to close an account after I am through with a card because you might need that credit limit to transfer. I have also heard the ratio of total debt possible to actual credit balance should be kept high. So there are many pitfalls but where there is a will there seems to be a way if you look hard enough and track all the due dates.
January 12th, 2009 at 10:25 pm
I am looking for clarification on the “Remember, you can apply and qualify for a business balance transfer card by listing your personal name as your company name on the business credit card application. You can properly do so without actually owning a separate small business.” statement from above.
There is no problem signing up for a small business card even if i am not a small business owner?
Also- i have been reading rave reviews about the “Advanta Business” cards – 12 month, 0% on balance transfers. Does anyone have any first-hand knowledge of Advanta, and is there a card that is reccomended?
thanks
January 12th, 2009 at 10:40 pm
I had an Advanta card a year ago and worked fine. You do have to close the account after you transfer the balance out from them if you want to apply for another Advanta card in the future — they require six months without an account before you can open another one with them. Each offeror seems to have their peculiar quirks and rules. I have had several business accounts using my full name with middle initial as the business name. The web site takes whatever you put in the blank for your business name.
January 30th, 2009 at 8:26 pm
Yes, unfortunately I got bamboozled by Advanta, who changed their policies less than two months after I got the card. Suddenly I have interest charges, and when I asked about it they acted like it was always like that and I should have known it…? I was pretty frustrated, but thankfully I’m almost done paying it off and then I can close the account. Then if need be, I can apply for something else because my credit is perfect. But better yet, I’d like to do without them entirely. Thank you for this page, it let me in on a few things. God bless our troops, and may God bless America.
February 17th, 2009 at 3:02 pm
Just a note about the list of Iberia/Pulaski cars above…they are the same cards. Iberia uses Pulaski Bank in Arkansas to issue their credit cards, so there is no difference or advantage to getting both–one would be rejected. Also, the processing for these cards is very slow (30 days or more) because of the manual approval process used.
February 18th, 2009 at 2:59 pm
HAVE BEEN GETTING 0% OFFERS FOR YEARS. AM CURRENTLY IN ONE THAT EXPIRES IN 2 MONTHS, LOOKING FOR ANOTHER, BOUGHT MY CAR THIS WAY, THAT MONEY STAYS IN HIGH INTEREST 6% ACCOUNT. HARDER AND HARDER TO FIND A 0% FOR 12 MONTHS WITH A CAP OF $99 OR LESS. ARE THERE ANY OUT THERE? THE 6 MONTHS THING THAT I AM IN RIGHT NOW COMES UP TOO SOON.
February 20th, 2009 at 9:24 pm
GJ
Regarding 0% no fee transaction or cap of $99. I have searched for so long and can only find 6 months with no cap…There are offers for 6 months and no transaction fees. Maybe you can just keep switching every 6 months!
February 21st, 2009 at 8:41 pm
Please name the companies you are finding that will do six months 0% with no transfer fee. The marketplace is continually changing so its good to get updates. My last deal a few months ago came from inquiring about an existing card that I wasn’t carrying a balance on. They offered 0% over the phone. However, I did have to pay a $99 transfer fee with that Chase Visa and the 0% balance transfer rate was only good for 8 months. I have noticed a trend recently to offer 0%, but not on balance transfers. I was surprised recently when a CapitalOne card had a 9.99% balance transfer rate but 0% purchase rate. You really have to read the entire offer closely and be looking for the “bait and switch”. However, I have never had an offeror change the terms during the course of the offer, and I’ve been doing this for years. The surprises come from misunderstanding the terms of the original offer, usually by not examining them closely.
February 21st, 2009 at 10:00 pm
IberiaBank and Pulaski Bank(which I think are issued by the same company) is a definite one..I am ex-banker so I read the terms and conditions carefully… Also, I am from Louisiana and Iberia Bank is in Louisiana and they are a valid bank (used to work there)……..Actually, I think Iberia and Pulaski are the only ones offering 0% for 6 months with no balance transfer fee right now. Good Luck and let me know if you find out any different.
February 22nd, 2009 at 2:57 pm
I have used Pulaski Bank before, but they recently turned down my application. My credit is excellent so I figure its because I once had a card with them and only used it during the 0% offer for a balance transfer, or possibly because I asked for a large credit line when I sent in the application. Have not checked lately, but Advanta Business card was offering 0% for 12 months – but you can’t have had an open account with them for the last six months. Good luck!
February 22nd, 2009 at 5:36 pm
Is there a transfer fee with Advanta?
February 25th, 2009 at 5:13 pm
I was approved for a 0% 15 month in October 08. It was a BankofAmerica Credti Card. There was no cap on the 3% fee. I wanted to keep looking and yet keep this offer open in case there was nothing else I could find. I called back in two weeks to take advantage of the offer and found out that it was canceled. Since then BOA has not approved me for an additional card, even though I qualify for it.
Last week I transferred $15,500 from Citicards into an existing BOA card. The promotion is 3% fees, no cap, until July 09 at .99% apr. Citicards agreed to lower the after promotion down to 12.24% from 22%. Citicards rep did some calculations to help me with the decision. Two BOA reps were unable to do simple math to compare the two offers.
I was also harassed by a credit analyst at BankofAmerica who threatened to cancel two of my credit cards and all the credit limits on them as soon as I hung up the phone with him. My credit is excellent and I have credit reports to prove that. I complained about him but I know BOA will not do anything about it. They sent me a disclaimer. The cancellations didn’t occur and I’m convinced that he was harassing me.
Even if there is relief from the Feds, I assure you inspite of great offers out there, none of the banks will qualify anyone, good credit or not. (Health Savings Accounts have the same history – when the Feds first approved it, the banks refused to offer it to self-employed/unemployed citizens. Small Businesses couldn’t deal with the paperwork nor the fees associated with it. It took several years for HSAs to be accepted and not everyone qualifies or can still afford it).
Brian, Mary: I had my car on a Business Advanta……they changed their policies with me too and I was very frustrated with them. I will never use them again.
July 2009, I need to transfer this 15,500 so I’ll keep my Citicard free till then or roll it into a home equity. Decision pending unitil March 4th.
In short, 0% 12/15 is like an illusion.
March 3rd, 2009 at 1:50 pm
Advanta also was very frustrating for us. We opened a new Kiva business card with 0% for 15 months and transferred a balance with the application. We received our first statement a month later saying payment was already overdue. The late fee was refunded after our protest but the 0% rate was changed to 12.99% despite a promise by a customer service representative that it would not be changed.
March 4th, 2009 at 10:24 am
Hello, I am learning from your forum and am about to do my first balance transfer to pay down debt. I have $26K on a Citi Platnium Card, and am agressivley looking to pay it off over the next 10 months. I was just approved for a balance trasfer to Discover, but only for $8K (not enougth to cover my Citi balance). I have a balance transfer offer for my Citi Card, however I have no other debt to transfer to take advantage of Citi’s offer. Now that I have opened the Discover, can I transfer $8K at 0% to Discover, then transfer that same balance from Discover back to Citi or are there rules about this? If I could transfer $8K to Disscover at 0% then transfer that same $8K back to Citi at 0%, then transfer another $8K from Citi back to Discover, I would have $16K at 0%. $8K on Citi and $8K on Discover. Does anyone know if it is possible to do this? Thank you for your advice.
March 4th, 2009 at 11:08 am
Hi George,
I can answer that very easily. Citibank has been very good to me. I have accumulated 27.5K of credit limit with them over 7 years. I will always keep them as a backup. I have transferred back and forth from credit cards and there are no rules as long as you don’t transfer from one Citicard to another Citicard. By transferring frequently you will only accumulate fees.
Bank of America is offering 0% for 15 months @3%. Try them. Call the “new application” number on Saturday night after 10 pm. You will most likely be connected to their Arizona office and they are considerate. They may even offer you a cap of $75 if you ask them and insist on it. Don’t speak to anyone in Philippines, if you do get connected there ask them for a US number.
I hope this works, good luck.
March 4th, 2009 at 11:31 am
Another point: I requested Citibank to lower my APR from 22% and they brought it down to 12% (because my 0% promotion was expiring and I had no card available to transfer). They lowered it and I received my confirmation yesterday. But, I was able to transfer one week before expiration into an existing BankofAmerica. Citibank is lowering fees if you ask them, down to 9% depending upon your debt situation.
March 4th, 2009 at 11:34 am
George,
If you have the limit available, it should not matter when you opened accounts you want to pay off. You should be able to pay off anything up to your limit with any credit card company. Once the account is open and you request a balance transfer you should be able to do it.. Some balance traansfers are only good at 0% the first transfer, other through out the term of the 12 months. Just be clear at all times when you are completing these transfers and each time you do it I’m sure you are paying a fee. It’s worth it at 0%, though….
March 4th, 2009 at 1:07 pm
hi, i was just wondering if anyone had a suggestion on a small business 0% balance transfer card for 12 months ( i owe about 10k- my 0% just ended this month) thanks
March 7th, 2009 at 12:22 pm
For a balance as low as $10K you might come out with Discover. It seems very difficult to find a card without a transfer fee anymore. Have not heard what Advanta is doing now but they were about the only one left a couple months ago, particularly with a 12-month term. There were some posts about problems with them, but I haven’t experienced a problem with changed terms with any offeror. I always make sure my payments are early and automatic (if possible). Calling is always a good idea to see what they will offer, its usually results in better terms than you can find online, especially if you already have a card with the company.
March 9th, 2009 at 3:39 pm
I have 0% for 12 months from CapitalOne–3% transaction fee though.
I also have 6months @ 1.99% with no transaction fee.
What the math? Which is better?
March 11th, 2009 at 4:58 pm
I had a 1.9% rate with CapitalOne on a cash advance I took out in November 2008. When I took it, I asked more than one rep if the rate was good until I paid it back and they all said it was fixed. I believe my statement had a symbol or letter indicating it was a fixed rate. (Ha!) Last week, they raised the rate on this advance to 25%.
I’ve been with CapitalOne for more than 10 years and have an excellent payment history. And this is not the first time they have changed my rate for no reason. I moved the money then and I’ll move the money now. If you go with them, don’t trust them.
As to your question, the answer depends on the rate they will charge after 6 months and how much you will have paid off by then. With CapitalOne, from what I’ve been reading online and in the papers, figure it will be between 17% and 25%. If you opt for the 12 months 0%, there’s no reason to believe this rate will last the year.
March 23rd, 2009 at 12:51 pm
I’m currently in the application phase with Iberia Bank. I’ve been looking rather aggressively for a no fee for 12 mos and I havn’t ran across any OTHER than Discover. I can confirm with a previous post that they are SLOW. I called the week of application and was told it could take 30 days. I was looking at a big APR on my upcoming statemt from my current credit card so if you apply please apply with plenty of time before you need your card payed off. However, I was sent a letter 2 weeks from the date of application telling me that I was denied due to my short amount of time at my current job. I have been with my current employer for almost 6 years! I called and they said on my online app it said I was at my CE for 0 mos and 0 years. There is no way I put that down so they had me fax in a written statement with my HR reps name and number to confirm my work history. I called today and they were blowing me off telling me I’d get something in the mail and that it was currently under review. I had another rep. give me much more information so it depends on who you get.
BTW – They also had me fax a copy of my most recent paystub from work to verify income. I guess in this day in age they cannot be too careful. It makes me think it’s a good bank but if they don’t hurry I may have to apply elsewhere.
April 1st, 2009 at 9:35 am
I want to share that in Nov 08 I applied for a zero balance transfer/no fee account with Capital One that it was approved. In the application they requested my information of the account that I wanted to transfer and I did it as part of the application process. When I received the mail statement with the disclosures, it was a total different account. They changed the offer to a zero purchase act.and of course, the transfer from my other act. was already done. I called immediately and was over 2 hrs in the phone talking to different rude representatives. Finally I proved based on my computer record that I did apply for a zero transfer/zero fee offer. They promised to correct it. When I got my next statement I realized that It was the original problem unresolved and I called again. Neither to say that it was never corrected. They where very rude and basically was their word against mine and I had to take it.
With respect of Iberia card, everything was sent, faxed and followed. After a month I received a denial letter for a delinquent account. I called the credit report that they used according to the letter and the company(credit report) stated that this credit card (Iberia) never requested any information and that that information provided from them was not accurate in my report.
Anyway, I just want to be sure that people are careful. I am still dealing with Capital One, but for sure will not recommended or use it again once this is resolved.
April 1st, 2009 at 11:01 am
we got an offer for 0% no balance fee for Toyota Visa Rewards, but only for the one applicant who bought a new Toyota. We took that one and got one year. I cant get in for myself tho
April 29th, 2009 at 9:09 pm
I have an approximate balance with Citibank Mastercard of about 4500 credit limit of about 10000 maximum – they recently almost doubled my interest rate (for no reason that I know of) and refuse to lower it – Discover is sending me some information on a 0% balance transfer option – my credit limit on that card will be 6000- which I will be carefully be reading to understand – will citibank cancel/close my card if I do the balance transfer?
Also can you transfer from one mastercard to another mastercard?
In addition is there a formula to understand the fees and how to figure out if you are saving money or not?
The interest rate on the citibank card is ridiculous at this point.
April 30th, 2009 at 11:00 pm
> Also can you transfer from one mastercard to another mastercard?
Yes you can, as long as the credit card banks involved are different.
May 1st, 2009 at 12:31 am
Credit offerors rarely close an account, they want to make interest off of you at some future date, if not now. Executing a balance transfer just changes the balance on your account – nothing more. Doesn’t matter what type of credit card (Mastercard, Visa, Discover, etc), but if its the same company or bank you will be prohibited from transferring between accounts. They’re looking for new business.
My daughter received a 0% offer today from HSBC. Its good for 12 months and has a $99 transfer fee cap. No idea how much credit limit they will give, though. She has two savings accounts with them and has had substantial sums on deposit to pay tuition, so that may be why she received an offer. They only asked for “household” income on the application, interestingly enough.
May 1st, 2009 at 5:04 am
Brent,
Actually some credit card companies and major issuers have been recently offering card customers money to pay off their low interest debts and close out their accounts – American Express in particular (it’s been all over the news).
Many of the big card issuers are struggling with spiraling rates of credit card debt defaults and have been willing to pay money up front to certain account holders to get these bad credit card debt transactions off their books. Conventional wisdom is that credit card issuers like those customers who maintain large balances as it allows the issuer to reap income through interest payments, but when customers start defaulting on their monthly card payments en masse, issuers start to get nervous and panic.
May 5th, 2009 at 5:04 pm
The same thing happened with me in the last 3 months and with Denisse regarding Capital One. Balance offer and transfer was all done on the internet and when I received the statement there was a finance charge.
May 9th, 2009 at 11:27 pm
How do you know the banks are different on Mastercards?
Also Discover told me I would get a 12 month 0% APR and no fee – then they changed it to 6 months. They lied to me big time.
I want to transfer from a citibank MC(increase of 12 to 23 percent) of about 4000 to a 0% for 12 months – any ideas out there?
Thanks.
I did see on a show that lots of companies are canceling the card when you do a balance transfer.
May 14th, 2009 at 7:14 pm
I just found on Wachovia’s page 0% for a year @3% min $10-499 max…. has anyone used Wachovia before? here is the link… (Wachovia Wells Fargo credit card link)
May 14th, 2009 at 7:14 pm
Sorry I meant $99 max not 499 max
May 25th, 2009 at 11:32 pm
Capitol One – the same thing happened to us that happened to Denisse and Krisstina. We applied on-line for a 12 month 0% balance transfer and when the bill came I called and Capitol One stated it was only for purchases and like Krisstina it was our word against theirs. The first rep did say he had received many calls complaining about this and I was able to get the fees reversed on the first statement and transferred the funds to another account and closed the Capitol One account. I transferred the funds to a 0% $75 fee with Chase, but I don’t see this offer right now.
May 26th, 2009 at 12:49 pm
If anyone knows how or to who to make a complaint againse Capital One, please let me know. They made $150 in interest off of me before I discovered their switch and was able to transfer the balance and close the account. I also switched to Chase 0% and a cap of $99 on the transfer fee. Worth it never to deal with Capital One again. I didn’t know about the cap on the transfer fee until I called to make the transfer.
June 15th, 2009 at 11:07 am
As of 6/15/09, Wachovia bank is still offering a 0% balance transfer credit card for 12 months with no annual fee and a balance transfer fee of 3% per transaction (or a $10 minimum, $99 maximum) ! Go to homepage, type in 0% balance transfer credit card in search, look for Visa Platinum Rewards card. Good luck applying!
July 6th, 2009 at 4:47 pm
I had the same thing happen a few years ago with Capital One…bills were “lost” in the mail more than once so I missed a payment and lost the 0% and just happened to look closely at the bill I finally received to even notice it. Since then I’ve learned to look over any bills I get carefully for fine print that notes changes…I’m learning in my old age.
July 7th, 2009 at 8:37 am
Just checked both Pulaski and Iberia links; both seem to have pulled their 0% APR, no balance transfer fee offer….Iberia has 1.99% APR…..
July 10th, 2009 at 7:16 am
I think the game is over. In the past, I was always able to pay “zero” percent and when the introductory rate was over, transfer to a new card – with a zero percent balance transfer fee. Over the last year, it became more difficult to find this and now I’m afraid, soon impossible. The best were cards that offered a balance transfer fee that maxed out at $50. Now, it seems to be closer to $100. I’ve made a policy of paying little to no interest on my credit card balances over the last few years but now it really seems prudent to do one’s best to pay off the balances. It does seem that those that paid in a timely manner and followed the rules, are now being penalized for those who didn’t….
August 20th, 2009 at 2:35 pm
Iberia bank cards are now 2% balance transfer fee and NOT 0% APR anymore. (as of 8/20/09)
September 18th, 2009 at 10:46 pm
I have a slightly less than 4000 dollar balance on a citibank card that has increased the interest to about 24 per cent. I have been offered a 1.99 percent balance transfer with a small fee – for 6 months – but after that it would then be at 29.99 percent – with Discover – this card currently has a zero percent balance. I am trying to determine if this is a good deal or not. The thing that annoys me is I did have 11.99 percent interest rate on the discover card – and I wasn’t using it – except for small purchases which I immediately paid off – but they raised the interest rate on that one to 29.99. My citi bank card has more than doubled the interest rate. I was making a dent in the balance – but now I am just going slightly over on the minimum payment. If the discover card was a 12 month card – I would probably go for it – since I am looking for a new job and plan to have one soon – but not sure I can get rid of the balance by Feb. I really hate citibank – but I see discover is doing the same thing – raising rates for no reason. So is it a good deal or not? I have not been late on any payments on any cards – but my income is down a bit during this recession – and I suspect that is why my interest rates have gone up. Thanks
September 19th, 2009 at 11:54 pm
Mary,
My suggestion is to get away from the credit cards. I delved in them when transfer fees were low and interest rates were zero but those deals seem to have disappeared. The lowest transfer fee cap I see these days is $199. Most are 3% with no cap, so on a relatively low $4,000 balance, that’s $120. I’ve become a fan of Dave Ramsey the financial advisor who counsels people on getting out of debt. He recommends no use of credit cards for any reason, because they trap you and cause you to spend more than you would with cash or even a debit card. His solution when you can’t seem to make progress paying: get enthusiastic about eliminating the debt, even get a second job to pay off the smallest debt first. He says interest rates are not nearly as important as the psychology of successfully eliminating the debt piece by piece. Its all about discipline – to not overspend, and sacrifice – to overcome the debt burden.
September 22nd, 2009 at 11:35 am
Lessons learned: Keep the car loan, if it is payable in 72 months at whatever percentage, with monthly payments as low as $150 per month. I have spent more in fees by trying to transfer it from one credit card to another. In two and a half years the principle has reduced very little.
I recently combined two large balances to my Citicard (the car loan and Lowe’s loan). Since I have had that card for more than 10 years with an excellent standing with them, they have waived the 3% transfer fees. I mentioned to them that the same balance has been bouncing back and forth between citibank and BOA for the past four turns and I have paid fees every single time………..When I called them yesterday I noticed that the fees were not part of the balance, I hung up the phone with no comments. Keeping my fingers crossed that there will be no fees when the statement arrives. They have also dropped my int. rate from 21.99% to 12.99% after the promotion is over.
I have talked to Citicard about a payment plan at prime for the life of the loan. They said it’s possible, I have to keep checking with them as it would be a brief promotion. American Express or Discover was offering one a 4% last year but the amount of loan was very low.
If there is a low rate out there for the life of the loan I’d like to know.
October 21st, 2009 at 2:58 am
can i have a favor for the store who are engage in 0% …. i bought a unit from nokia and store said 0 %.. But when the computation are finish.. the cost of unit instead of 10000.00 is going to 12500. i asking why the cost of 0% is not consider to the actual price of 10000 they said …. the regular price is not like a discounted price … okey i got it but if it is transfer to 12 month 0 interest the cost is getting higher.. i ask again the they replied 6 month is not a 12 month the interest is getting higher when month is longer…. so i said where is the 0 interest… then i ignore…. is that your policy.. thank you
October 27th, 2009 at 12:45 am
Check out Chase Slate Card With Blueprint as it is offering 0% balance transfers and 0% purchases for up to 12 months (3% balance transfer fee though). Limited time promotion methinks…though it might be a permanent feature of the card. Who knows…balance transfers are hard to find these days. Keep in mind -the card is NOT a no balance transfer fee zero percent offer.
October 27th, 2009 at 9:21 am
the key is does it have a cap on the 3% ie. $99 or $75 max
November 6th, 2009 at 6:04 pm
I really learned a lot by reading your information and the comments from others. Please keep me updated with future information.
Thank You
November 13th, 2009 at 8:26 pm
I guess most of you know this already, but this list is 2yrs out-of-date now. It shows as follows:
“This entry was posted on Sunday, November 4th, 2007″
All of these credit card offers are no longer valid.
A few of the companies are gone too (e.g. Washington Mutual).
As far as I can tell, there are no 0% apr on bal transfer / $0 transaction fee on bal transfer / $0 annual fee credit cards left out there. If you want to transfer a balance now, you will pay either through the interest rate each month or through the one time transfer fee.
For my situation, there appears to be no good option. I need $2-3K to cover a bill for a couple of months, but a balance transfer will cost $60-$90 which is more than just paying a late fee.
If anybody knows of a 0% apr on bal transfer / $0 transaction fee on bal transfer / $0 annual fee credit cards that is still out there, please post it in these comments.
Thanks
November 14th, 2009 at 1:33 am
The active balance transfer credit card links on this blog post are still valid. I think the author has already disabled the balance transfer links that are no longer working.
Does anyone know if the Chase credit cards on this list offer 0% balance transfers or whether they are only 0% purchase card deals.
November 16th, 2009 at 3:25 pm
Can you have more then once credit card, lets say with Chase?