For the second year in a row, Discover is running a limited time 0% APR no fee balance transfer promotion. This is presently the only no fee balance transfer offer on the market.
Consumers who apply and are approved for this Discover card (see online application here) pay no fees to transfer balances and are granted a 0% APR on balance transfers and purchases for 12 months. Because balance transfer fees typically range from 3% to as much as 5% of the amount being transferred, opting for this offer saves consumers $30-$50 for every $1,000 transferred. On a $3,000 balance transfer, this works out to an additional $90-$150 of savings in addition to what can be saved with a 0% interest rate.
You can view details of this no fee balance transfer offer and apply below.
Is a No Fee Card the Best Balance Transfer Option for You?
While saving three to five percent on fees may be tempting, no fee balance transfer offers aren’t always the best option. As a rule of thumb, the best way to determine whether it is best to choose a no fee card with a short term 12 month 0% rate or a card with a low 3% fee and a longer 18 0% period is to add up credit card debt and divide the total by 12. If the result is a number you can afford to pay every month, then saving on fees and choosing a no fee card is likely the best option.
However, if paying off debt in 12 months or less appears to be a stretch, then it may be best to pay a fee and select a balance transfer card with the longest available 0% rate. While this will require paying a fee, the money that can be saved with an extra six months of no interest charges can vastly outweigh upfront 3% savings and provide valuable time to pay down credit card debt.
Below are cards that offer the longest 0% APR balance transfers and charge low 3% fees.
For additional information on offers and tips on getting the most out of balance transfer offers, please see the main section of Smart Balance Transfers.
