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

What's Hot


5 Reasons to Shop for a Home in DecemberFamily

Shoppers Boycott Businesses Selling Trump-Branded ProductsBusiness

Giving Thanks: Why Foreigners Find America AmazingAround The House

Why Washing Your Turkey Can Make You IllFamily

50 Best Gifts Under $25 for Everyone on Your ListFamily

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

What the Richest 1 Percent Earns in Every StateFamily

10 Ways to Retire Earlier Than Friends on the Same SalaryGrow

The 10 Best Ways to Blow Your MoneyCredit & Debt

7 Foods That Can Lengthen Your LifeFamily

The 50 Hottest Toys of the Past 50 YearsFamily

New Email Phishing Scam Targets Amazon ShoppersMore

7 Government Freebies You Can Get TodayFamily

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,
Sara

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: 15 Things You Should Always Buy at a Dollar Store

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 1,778 more deals!