Low Interest Credit Cards with No Balance Transfer Fee

Low Interest Credit Cards with No Balance Transfer Fee

October 2, 2019         Written By Lynn Oldshue

There are a lot of balance transfer offers on the market today, and many look very appealing. Consumers are offered a 0% APR for a substantial amount of time on the amount you transfer from one card to another. And in some cases, you may even have that 0% on what you purchase during that time frame.

Transferring a balance from one credit card to another can be very beneficial if it is done correctly. You have the opportunity to consolidate your debt, save significant amounts of money in interest penalties, and possibly free yourself from fees on other credit cards.

With most cards, this convenience comes at a price: the balance transfer fee. The typical balance transfer fee is 3%. That means that you will have to pay 3% of the balance you are moving over to your new card company. So you will pay a fee of $30 for every $1,000 you transfer. This could be a lot of money if you transfer a large balance. It should be noted that this fee will be added to your balance immediately, so you could one day end up paying interest on this fee.

But there are some cards on the market that do not charge a balance transfer fee. These are cards you should seriously consider if you are thinking about transferring a balance. Here is one:

  • Chase Slate: This is the most attractive balance transfer card on the market today. The 0% APR for 15 months is good on both purchases and balance transfers. If you transfer a balance during the first 60 days of being a cardholder, there are no balance transfer fees. The ongoing APR on the Chase Slate card will depend upon your credit worthiness. And there is no annual fee with this card.

Other Attractive Balance Transfer Offers

There are also a number of other attractive cards which have a balance transfer fee but a 0% introductory rate on balance transfers for an extended period of time.

Citi® Double Cash Card – 18 month BT offer

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The Citi® Double Cash Card – 18 month BT offer gives cardholders the opportunity to earn cash back twice: 1% cash back at the time of purchase and another 1% when payment is made, for a total of up to 2% cash back. This card offers 18 months of 0% APR introductory financing on balance transfers, with a 3% balance transfer fee. After the promotional financing rate expires, cardholders will have an interest rate of 13.99% – 23.99% (Variable) on the remaining balance, depending on your creditworthiness. The card comes with Citi’s Price Rewind service, which refunds the difference in price when an eligible purchase undergoes a price decline within 60 days. Other benefits include trip cancellation and interruption policy, worldwide travel accident insurance, rental car coverage, and a 24/7 concierge service.

Blue Cash Preferred® Card from American Express

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The Blue Cash Preferred® Card from American Express offers new applicants $250 in cash back in the form of a statement credit after spending $1,000 within three months of account opening. Cardholders earn 6% cash back on select streaming subscriptions in the United States as well as 6% at supermarkets on up to $6,000 spent each year (then 1%). In addition, a card member will receive 3% cash back at U.S. gas stations and transit costs, including taxis, rideshare, parking, tolls, trains and buses; and 1% cash back on all other purchases. New cardholders also receive 12 months of 0% APR financing on both new purchases and balance transfers, with a balance transfer fee of 3% or $5 whichever is greater. There is a 2.7% foreign transaction fee on this card. Terms Apply.

Capital One® Quicksilver® Cash Rewards Credit Card

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The Capital One® Quicksilver® Cash Rewards Credit Card offers customers 1.5% cash back on all purchases with no limits. New cardholders receive a $150 cash bonus when they spend $500 on purchases within the first three months of opening the account. Customers get 15 months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. After the introductory financing period ends, the standard interest rate of 15.49% - 25.49% (Variable) will apply. Cardholders receive complimentary 24-hour-per-day concierge service and extended warranty coverage. If you only have a fair credit score, you may want to apply for the Capital One® QuicksilverOne® Cash Rewards Credit Card. It has an APR of 26.99% (Variable) but the same cash reward benefits. There are no foreign transaction fees with any Capital One card.

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The is a relatively new card on the market with some attractive features. One point is earned for every dollar spent and can be redeemed for travel benefits, gift cards, merchandise, and even cash. You earn a $150 Statement Credit after you spend $1,200 on purchases within the first 90 days from account opening. There is an introductory APR of 0% for 12 months on purchases and 18 months for balance transfers. The ongoing interest rate is 12.90% - 22.90% (variable) based on your credit worthiness. There is no annual fee on this card.

Please note:  Amalgamated Bank of Chicago has temporarily suspended its balance transfer offer for new accounts due to the current economic environment.  ABOC expects to reinstate this benefit in late 2020; in the meantime, new cardmembers can still receive a 0% intro APR on purchases for 12 months and have the opportunity to earn a $150 statement credit when they spend $1,200 within 90 days after account opening.

Other Considerations

You need to do the mathematical calculation to determine if it is worth it to pay the balance transfer fee in order to have 0% interest for a period of time. That is something you need to take the time to analyze.

If you do receive any type of introductory period with your balance transfer, it is very wise to pay off as much–and ideally, all–of your balance during that time period. That is how the balance transfer can work in your favor.

Note: The information for the Chase Slate has been collected independently by LowCards.com. The product details on this page have not been reviewed or provided by the bank advertiser.

The information contained within this article was accurate as of October 2, 2019. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
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