How to find the best credit card with a 0% APR balance transfer

November 20, 2008 · Filed Under Credit Card

When you are shopping for a credit card with a 0% APR balance transfer, you must look for the introductory offer on the card. You are getting more benefits if you have the introductory offer for a longer period. The introductory offer can range between three to twelve months. Your introductory period of 0% will be for a longer period if you have good credit ratings.

You should check for the annual fee before you go for the introductory offer balance transfer with a credit card company. There are many companies that charge their annual fee but in most cases, you should be able to get it for free.

There is a fee on the balance transfer at 0% APR. This is charged by almost all companies. This is a transaction fee for the balance transfers. This fee can be at a range of 3% of the amount of each transaction, and have a minimum. The maximum can go up to $100. Therefore when more than a certain amount of balance is transferred with these cards, the fee may be less than 3% of the amount of transaction. For example, when more than $7,500 balance is transferred to the credit card with a maximum of $75, the fee is $75.00 and less than 1% of the amount of transaction.

The 0% APR balance transfer card has the following features:

This offer can last up to 12 months.

There is no annual fee on the balance transfer

Balance transfer fee is 3% of the amount of each transaction with a maximum of $75.

These features on the balance transfer can save you a lot of money when you are paying high interest rates on other credit cards. Furthermore, if you consolidate all your balances into one credit card without a fee, and then transfer the consolidated balance to the credit card with a maximum of $75 on transfer fee, you still pay $75 towards the fee.

Tags: Credit Card