Ask an Expert: How Do I Get a No-Fee Balance Transfer?

What's Hot

Do This or Your iPhone Bill May SkyrocketSave

23 Upgrades Under $50 to Make Your House Look AwesomeAround The House

Trump Worth $10 Billion Less Than If He’d Simply Invested in Index FundsBusiness

11 Places in the World Where You Can Afford to Retire in StyleMore

What You Need to Know for 2017 Obamacare EnrollmentFamily

8 Things Rich People Buy That Make Them Look DumbAround The House

32 of the Highest-Paid American SpeakersMake

Amazon Prime No Longer Pledges Free 2-Day Shipping on All ItemsMore

More Caffeine Means Less Dementia for WomenFamily

9 Tips to Ensure You’ll Have Enough to RetireFamily

30 Awesome Things to Do in RetirementCollege

5 Spots Where Retirees Can Live for Less Than $40,000Real Estate

10 Ways to Reduce Your Homeowner’s Insurance RatesFamily

10 Ways to Pull Together the Down Payment for a HomeCredit & Debt

Chew on This: The Story Behind Your Hershey’s Halloween TreatsBusiness

You have to look pretty hard to find the only no-fee balance transfer card left.

A Money Talks News reader recently wrote me with the following question…

I need a credit card with zero interest rate and no transfer fee to pay down my $9,000 credit card balance with Bank Of America. My current interest rate is 11 percent.

Thanks for the question, Sara. Unfortunately, your situation is all too common, as so many people are still in credit card debt. And while there are many credit cards out there that offer 0 percent APR promotional balance transfers, it seems that you have discovered that nearly all of them charge a 3 percent balance transfer fee.

Earlier this year, I was able to discover two rare examples of the nearly extinct no-fee balance transfer cards: the Discover More and the Slate from Chase. Today, the Slate remains as the only card with a 0 percent APR promotional balance transfer offer and no fee. Their current terms offer 15 months of 0 percent APR financing on both new purchases and balance transfers.

So if you decide to go with the Slate card, what else should you know?

  • You can only transfer balances at the 0 percent APR rate and no fees within the first 60 days of opening an account. After that, the 3 percent balance transfer fee applies, as well as standard interest rates.
  • Although this doesn’t apply in Sara’s situation, you cannot do a balance transfer between two different credit cards issued by the same bank.
  • No-fee balance transfer offers should not be used just to postpone repayment of your debt. Instead, use this break from interest payments to undertake a concerted effort to pay off your debt before the interest begins to accrue again.

Note: While we attempt to be completely objective when reporting on credit cards, this site may be compensated by issuers when a reader applies for a credit card through the links within credit card stories or on our credit card search page.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 7 Ways to Save More at Big Lots

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,681 more deals!