I recently received an email regarding no fee balance transfer offers from Capital One. I have been aware of these offers for some time, but have not mentioned them because, although Capital One offers no fee balance transfers, they do no offer a 0% APR on balance transfers. Instead, they offer a 0% APR on purchases and, while charging no balance transfer fees, charge consumers the standard interest rate on all balance transfers.

Consequently, one can save 3% in balance transfer fees, but in all likelihood will end up paying in excess of 12% to 16% a year in interest. In a nutshell, these offers offer a negligible amount of savings compared to a no fee balance transfer credit card that offers a 0% APR for 1 year.

For more information on credit cards that offer no fee balance transfers and a 0% APR, you can review all current offers in the no fee balance transfers section of SmartBalanceTransfers.