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 The Balance Transfer Fee Breakdown
Simply put, balance transfer fees are a nuisance. And, unfortunately, many credit card companies have increased these fees by subtly changing the terms and conditions of their offers. Over the course of a year, a person can save a great deal of money with a 0% APR on balance transfers. However, in order to maximize total savings, we've created a breakdown of fees by issuer so you can save money on balance transfer fees.
No Fee Balance Transfer Offers
The obvious way to save money on balance transfer fees is with a no fee balance transfer. Unfortunately, no credit card currently offers a 0% APR for 1 year and charges no balance transfer fees. Below are details on current no fee balance transfer offers.
Note: Over the course of a year, the interest you will pay during the 6 months not covered with a 0% APR will almost certainly be more than the upfront fees. For example, with a $4000 6 month no fee balance transfer, you will initially save $75 on fees. However, after the six month intro period expires, you will end up paying over $200 in interest. Had you opted to pay the upfront fee, you would have ended up $125 richer.
Low Fee Balance Transfers
The distinction between a low fee balance transfer and a high fee balance transfer is usually buried deep in the fine print. With a low fee balance transfer credit card, you will be charged 3% for each transaction up to a maximum of $75. With a high fee balance transfer, you will be charged 3% of the transaction with no maximum fee. For example, if you were to transfer $4000 to a low fee card, your total balance transfer fee would be $75. With a high fee, no limit card, the fees for this transaction would be $120.
Currently, Discover and Chase are the only major credit card companies offering low fee balance transfers. However,
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