0% Balance Transfer No Annual Fee Credit
Cards

Some credit card companies are now offering 0% balance transfer no annual fee credit cards. If you are paying high interest rates on your credit cards, these offers may save you a lot of money.

These special card offers encourage cardholders to use one credit card to pay off all or part of the balance of another credit card. This is called a balance transfer.

Do Your Homework

You might be able to reduce the amount of interest you pay on your credit cards if you transfer all or part of your balances to cards with lower interest rates. Be sure to also do some homework before you jump at that 0% interest rate on balance transfers.

Sometimes high fees or temporary promotional rates can eat up all of your interest rate savings:

• The offer may only be available for a limited time. After six or 12 months your 0% interest rate may immediately increase to a rate that is higher than what you are paying now.
• The 0% APR may increase with a late payment, over credit limit or a returned check. The new default APR may be an additional 10-20% over the standard interest rate. Look out for those default rates of 30% APR.
• There may be fees charged for the balance transfer. A fee of 3% of the balance transferred could be charged. Some companies charge a specific balance transfer fee regardless of the amount of your transfer. This fee could be as much as $99.
• Credit card checks may have an additional fee. The convenience checks provided by your credit card company can be used for to pay off the balance on another credit card. Some checks have an additional check fee of 2-3% of the amount of the check.

Pick the Right Offer

There are a lot of different types of credit cards. Several credit card companies offer a 0% APR credit card. Some of these companies also offer 0% balance transfer no annual fee credit cards including Chase, Citibank, Bank of America, AT&T and Discover Card.

You need to ask the credit card company:

• Term of 0% balance transfer offer - How long is the 0% balance transfer offer valid? It could be for anywhere from six to 12 months.
• Future Rate - What would the rate be on balance transfers after the offer term is completed?
• Online Transfers - Is there a reduced fee if the balance transfer is made online instead of by calling the credit card company?
• Minimum Transfer - Is there a minimum amount that can be transferred?
• Fees - Is there a balance transfer fee?
• Other Fees – Are there other fees which might be charged such as a late payment or overlimit fee.
• Payment Order – Are payments applied first to the 0% balance or to any balances with higher APRs?

You need to ask yourself:

• How long will it take you pay off the balance? Will you be able to pay off the balance before the offer ends and interest starts to be charged on the balance transferred?
• Are you willing to make the transfer online? You may save on fees if you initiate your transfer online instead of calling the credit card company.

Providers of 0% Balance Transfer No Annual Fee Credit Cards

• Bank of America Visa Platinum Plus Card – 0% APR on purchases and balance transfers for 6 billing cycles. No balance transfer fees. No annual fee.
• Discover More Card – 0% APR on purchases and balance transfers for 6 months. Cashback bonuses. Balance transfer fee. No annual fee.
• Chase Platinum Visa Card – 0% APR on balance transfers for the first 12 billing cycles. Balance transfer fee. No annual fee.
• Citi Platinum Select MasterCard – 0% APR on purchases and balance transfers for up to 12 months. Balance transfer fee. No annual fee.
• AT&T Universal Platinum MasterCard - 0% APR on purchases and balance transfers for up to 12 months. Balance transfer fee. No annual fee.
• American Express Clear – No fees. Automatic rewards. No annual fee..

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