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.

Low Interest Credit Cards with No Balance Transfer Fees

Here is a list of the top low interest credit cards with no balance transfer fees:

  • 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.
  • Amex EveryDay Credit Card: This card offers no balance transfer fee as long as the transfer is made within 60 days of opening the account. The card has an introductory 0% APR on both purchases and balance transfers for the first 15 months, as well as no annual fee. New cardholders receive an extra 10,000 Membership Rewards points if they spend $1,000 during the first three months of card membership. Two points are awarded for every supermarket purchase up to $6,000 in a year, and one point for every other purchase. If you use the card 20 or more times in a billing period, you will also receive 20% more points on those purchases.

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.

card imageIf you are looking for a solid credit card and have good or excellent credit, then you may want to consider the card. The card has a number of attractive benefits, including no annual fee and a 0% APR for the first 15 months of card ownership on both purchases and balance transfers. That introductory APR rate makes the Chase Freedom® card very appealing to those who are going to make a large purchase in the first few months of opening an account. When you open an account with the Chase Freedom® card, you’ll also earn a $150 bonus after you make $500 in eligible purchases in the first three months. The rewards program is fairly significant, as you will get 1% cash back on all eligible purchases, and 5% back on purchases in revolving categories each quarter, up to $1,500 in combined purchases. The biggest issue with the card is the balance transfer fee of 5%; that fee can be lowered to 3% if the balance transfer is made within the first 60 days of being a card member. If you are looking for a versatile credit card with a great introductory offer, then consider the Chase Freedom® card.

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The 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 15.74%– 25.74% (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.

 

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The is an outstanding cash back card. It offers 1% cash back on all purchases, but 2% on transactions made at grocery stores and at wholesale clubs, and 3% on a category of your choice: gas, online shopping, dining, travel, home improvement/furnishings or drug stores. These increased payouts are applicable on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. Cardholders can update their choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and the category stays the same. If you’re a Bank of America Preferred Rewards client, you can receive a 25% – 75% rewards bonus on every purchase. New customers can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of opening an account. In addition, new applicants will get 15 billing cycles of 0% APR on both new purchases and balance transfers. The balance transfers must be completed within 60 days of account opening, and a 3% balance transfer fee applies. The card has an APR ranging from 15.74% - 25.74% Variable APR on purchases, depending on your credit worthiness. The card has no annual fee.

 

Blue Cash Preferred® Card from American Express

card imageThe 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.

 

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The 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 15.74% - 25.74% (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 . It has an APR of 26.46% (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 balance transfers. The ongoing interest rate is 14.90% - 24.90% (variable) based on your credit worthiness. There is no annual fee on this card.

 

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.



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.


lynn-oldshue

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.
View all posts by Lynn Oldshue
Top Features : Earn cash back TWICE. 1% when you buy plus 1% as you pay; 0% APR for 18 months on balance transfers
Top Features : 1.5% cash back on all purchases; $150 bonus after spending $500 in first 3 months
Top Features : 0% APR for 21 months on balance transfers and 12 months on purchases; no annual fee, late fee or penalty rate
Top Features : No annual fee, no penalty APR; free FICO® Score
Top Features : No annual fee; 3% cash back on dining & entertainment; 2% on groceries; $150 cash bonus after spending $500 in first 3 months
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