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The No Fee Benefit on Balance Transfers

When you move an outstanding balance from your old card onto a 0% APR balance transfer plastic, you can be charged a flat balance transfer fee. It can be applied as a fixed amount, say, $25, or as a percentage of the debt amount transferred. It makes a big difference which type fee you pay because if it's percentage-based, the larger the debt transferred, the greater the fee.

Anyway, you pay for the ability to use the better services and more favorable terms and conditions of a new bank's deal.

The no balance transfer fee feature can be found on some of the best credit cards with 0% APRs and it provides the most beneficial conditions for debt repayment plan.

The Low Rate Benefit on Balance Transfers

Sometimes a low ongoing APR on balance transfers can outweigh the so attractive 0% introductory interest rate. When the debt repayment plan is likely to take more than a year, it makes sense to opt for a low rate offer. It is simple. If you do not eliminate the whole debt till the end of the intro period, you'll face a rate hike and overpay, which wasn't your plan. Opposed to it, a low APR on balance transfers until they are paid off allows you to save without the need to hurry.

On our site you'll find both the types of balance transfers APRs together with other benefits and lavish rewards.

All Balance Transfers in Brief

The so wide spectrum of credit cards available with major issuers could never be full without balance transfer offers. Balance transfers provide for a relatively cheap and fast way of paying down a high interest debt by moving it from a current credit card onto a new one.

Most of balance transfer credit cards usually offer a bunch of other benefits such as lowest or 0% introductory interest rates on purchases, no annual fees, rewards, insurances, first-quality customer service and others. But their best feature is the lowest or no interest at all on the balance moved. Once you do a balance transfer to an appropriate credit card, you receive a 0% intro APR for 6 or 12 even 15 months! In most cases, a borrower copes with the repayment plan within a year and kills the debt without paying a single cent extra to the bank. No less popular are the deals offering low APR on balance transfers until they are paid off.

Planning to apply a balance transfer card online? Increase your approval chances by making sure your payment history is good enough for such a high-profitable deal.

Benefits of 0% APR Balance Transfers

0% APR on balance transfers is the key benefit chased by debtors. Valid for an introductory period of 6 or 12 months, as determined by the terms and conditions, the 0% APR helps customers eliminate debts fast and free, which wouldn't be possible on a higher rate credit card. 0% APR balance transfers are usually the standard benefit on card offers from American Express, Discover Card Company and Advanta Bank. Smart cardholders clear the whole debt before the intro period expires to avoid overpaying.

A regular balance transfer credit card is full of other benefits and perks besides the 0% intro APR. You're very likely to be tempted to try its spending power as its low APR on purchases promises even more saving. Most such cards will also add up their attractive features with a no annual fee benefit.

It's time to apply for balance transfers to combine use with pleasure. You can even move several debts onto a single 0% APR card, if their amount does not exceed its limit. Find more about our balance transfers cards.

Balance Transfers Pitfalls

There is a whole range of pitfalls to avoid when applying for and using a balance transfer credit card. First, make sure the debt transferred does not exceed the limit on the new card. If the debt amount is too large, your application will not pass and the denial will pull your FICO score down.

Second, to ensure your safety from a newly made debt, try to avoid making purchases on a balance transfer card. Mind it there is a purchase APR which starts to accumulate once you begin spending. It is out of question though for responsible customers who always pay balances in full each month.

If you want to preserve good credit while repaying your debt for free, make a wise use of the balance transfer's benefits.