Credit card companies love to hide details in the fine print.  However, all companies are required to fully and clearly disclose all rate and fee information to applicants.

When you’re getting ready to apply for a balance transfer card, there is one very important disclosure to look for:  the balance transfer fee.  While different credit cards disclose this information in different ways, you will generally find information on balance transfer fees in the “Other Fees” section of the terms and conditions.

Once you’ve located this section, carefully review the specifics.  In total, there are three different possible fee structures.  The best, and most difficult to find, is a statement that there are no balance transfer fees. 

The most common balance transfer fee disclosure generally states, “ BALANCE TRANSFER TRANSACTION FEE: 3.0% for each balance transfer made under this offer, with a minimum of $10 and a maximum of $75.”

Notice that a maximum fee is clearly stated.  The third possible fee disclosure will look very similar to the one cited above.  However, there will be no notice of a maximum fee.  If there is no stated maximum fee, you will be charged a full 3% of the balance you transfer.  This means that a $10,000 balance transfer would cost $300, as opposed to $75.

If possible, we recommend finding a credit card that charges no balance transfer fees.  We list every available no fee balance transfer offer on our website.  If you cannot get approved for a no fee balance transfer card, we strongly encourage you to avoid a credit card that does not cap the maximum fee at $75.

In our opinion, the best type of balance transfer is one that offers a 0% APR and charges no balance transfer fees.  As we’ve written many times before, balance transfer fees are a nuisance.  If you are only transferring a balance from one credit card, the maximum balance transfer fee you will incur is the lesser of 3% or $75.  However, if you transfer three balances of $2500, you’ll end up paying $225 in balance transfer fees. 

 Now, the savings one gets from transferring a $7500 balance from a 14% credit card is over $1000.  However, if you pay balance transfer fees, the amount would be reduced to around $800.  Now, while balance transfer fees are by no means deal breakers, they do help boost savings (in this example, by 20%).

 Given our stance on no fee balance transfers, it should come as no surprise that our selection for “Best Balance Transfer” offers no fees on balance transfers and a 0% APR for 1 year.  And the winner is…The Citi Professional Cash Card.

Below you can vote on the best balance transfer credit cards.  You can compare all of the offers listed in the 0% APR Balance Transfer section of our website and apply online for approval.

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In our opinion, the best balance transfer credit cards charge no balance transfer fees. Consequently, our selections for best balance transfer credit cards are the Citi Professional Card, which offers a 0% APR on balance transfers for nine months and the Bank of America Platinum Plus Card, which offers a 0% APR on purchases and balance transfers for 6 months. Both of these cards charge no balance transfer fees.

The runners up are credit cards that offer a 0% APR on balance transfers for 1 year, a 0% APR on purchases as well as low long term APRs. Cards that fall into this category are the Discover More Card and the Chase Platinum Card.

With credit markets tightening, it is becoming more difficult to get approved for a good 0% APR balance transfer credit card. Thus, we suggest that anyone who carries a balance on a high interest credit card take action soon to lock in a 0% rate before the banks get stingier.

To compare all current balance transfer credit cards, including our picks for the best balance transfers, visit the credit card comparison section of SmartBalanceTransfers.

Also, feel free to post a comment or shoot us an email with your opinions.

On Friday, February 15th, yet another 0% apr no fee balance transfer offer will be removed from the market. This time it is one of the best offers available, the Citi Home Rebate card. This credit card offered a 0% APR on balance transfers for a full year.

Once Friday comes, there will only be two solid 0% APR, no fee balance transfer offers left on the market, neither of which offer a 0% interest rate for 1 year. These no fee cards offer 0% rates for 6 and 9 months respectively.

If you’re looking to transfer a balance to Citi Home Rebate card before the no fee balance transfer offer expires, you can do so at SmartBalanceTransfers.com before the offer expires. Additionally, you can view all current no fee balance transfer offers at our website at any time.

I received an email from a visitor detailing a bad balance transfer situation that she wanted me to share with other visitors. The visitor received a mail offer from her current credit card company offering her a 0% APR on balance transfers for 1 year. When she received the offer, she had a $5000 balance with the company extending the 0% offer and a $3000 balance with another company. Hoping she could save some money and consolidate her payments, the visitor initiated the balance transfer. That’s where the problems began.

First, she was charged a $75 balance transfer fee. If you’ve been here before, you know I strongly recommend no fee balance transfer credit cards. However, the $75 in balance transfer fees was only the tip of the iceberg. When the visitor made payments to her consolidated credit card bill, she was surprised to find out that every dollar she paid reduced the portion of her debt being charged 0% interest, not the balance being charged 14%. Fortunately, she realized this nasty credit card trick after only a few statements.

After finding my site on Google, she applied for a no fee balance transfer card and sent me an email asking that I share her story with my visitors. I was more than happy to oblige as this highlights one of the nastiest little tricks in the credit card industry. Buried in the fine print of just about every credit card’s terms and conditions will be a statement such as this: every payment will be applied to the balance with the lowest interest rate. In a nutshell, this means that if you have a balance on your credit card and you are offered a 0% balance transfer deal, you’re best off putting it in the shredder and consolidating your credit balances on a new 0% APR credit card that charges no balance transfer fees.

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.

I received an email from a visitor regarding the issue of maximum balance transfer fees. In general, it is safe to assume the maximum balance transfer fee is $75 or 3%, whichever is greater. However, never assume anything when it comes to credit card companies.

As I’ve reported recently, a number of credit card companies have lifted the ceiling on balance transfer fees. Individuals transferring less than $2500 need not be concerned, as the maximum fee on a balance transfer of that size or less will be no more than $75. The issue of no limit balance transfer fees only effects individuals transferring more than $2500. If you fall into this category, then it is vitally important to examine the fee disclosure in the terms and conditions of your credit card application.

For example, a typical balance transfer fee disclosure will state that there is a, “3% balance transfer fee, up to $75, for every balance transferred with this offer.” A credit card that does not cap the maximum fee will simply state that there is a, “3% balance transfer fee for each transaction.”

Failing to notice this key disclosure can be costly. For example, if you make a $10,000 balance transfer with a 0% APR credit card that does not cap balance transfer fees, the cost of transferring your balance skyrockets from $75 to $300! That’s a hefty penalty for failing to read the fine print.

Fortunately, avoiding a massive balance transfer fee is simple. All you have to do is read the fine print. For additional information on balance transfer fees, visit the 0% APR balance transfers section of Smart Balance Transfers where you can compare balance transfer applications and apply online for approval. Additionally, you can cut out fees altogether by applying online for a no fee balance transfer credit card. Just remember to read the fine print before you submit your application.

As I’ve been documenting, the number of no fee balance transfer credit card offers are dwindling fast. And as of Novemeber 30th, the number of credit cards offering no fee balance transfers and a 0% APR for 1 year will now reach 0. That’s right. Zero. Zilch. None. Presently, the Citi Driver’s Edge Options card is the only credit card on the market that charges no fees and a 0% APR for 1 year on balance transfers. On November 30th, this card will no longer be available.

Once this card disappears, there will be two no fee balance transfer cards available. One, the Bank of America Platinum Plus, offers no fees and a 0% APR on purchases and balance transfers for 6 months. The other, the Citi Professional Card, offers no fees and a 0% APR on balance transfers for 9 months.

At this time last year, there were close to ten cards that offered no fee deals. Soon, I expect, there may not be any. However, paying a balance transfer fee is not the end of the world. And, with many offers, its better to pay the nominal fee and take advantage of longer 0% rates that apply to both purchases and balance transfers. However, if you want to save the 3% or $75 maximum fee and wring the most savings out of a balance transfer, get yourself the Citi Driver’s Edge Options card before it is pulled from the market.

Yesterday’s mail brought an offer for the Fidelity Investment Rewards Visa from FIA Card Services. Like many mail offers, this credit card offered a special 0% introductory APR for cash advance checks and balance transfers. The online url for the Fidelity offer was www.newcardonline.com, which is used for a number of Bank of America credit card mail offers. What separates this particular mail offer from most that offer cash advance checks is the fact that its actually a good deal. Yes, a cash advance credit card offer is actually good.

I reviewed the application at www.newcardonline.com and found that the interest rate on both cash advances and balance transfers was 0% for 1 year, and then only 14.99% thereafter. While 14.99% is not the greatest APR available, it is very low for cash advances.

There was a slight catch. If you used an ATM to make a cash advance, the cash advance rate would be 24.99%, or nearly twice that of the cash advance checks. So if you accept this offer, be sure to use the cash advance checks, and not the ATM.

As far as cash advance credit cards go, this one is pretty good. As to balance transfers, this is not the best offer in the world. In fact, it is not very good at all. As usual, I searched out the balance transfer fee information in the fine print. And what I found actually surprised me. The fine print stated, “Balance transfers are subject to transaction fees in the amount of 3% of the transaction (min $10).” What’s missing from this disclosure? The maximum fee. Or, in other words, there is no cap on the fees you can be charged for a balance transfer. (The majority of credit cards cap balance transfer fees at $75).

So how does this newcardonline.com offer differ from a standard balance transfer offer. Let’s say you’re making a $10,000 balance transfer. With a standard 0% APR balance transfer credit card, you would spend $75 on balance transfer fees. With this offer, the same balance transfer would cost $300. That’s quite a difference.

Overall, the Fidelity Investment Rewards Visa is a great deal for a 0% APR cash advance, and a bad deal for transferring large balances. You can compare a complete listing of 0% APR balance transfer credit cards with low fees in the 0% APR section of SmartBalanceTransfers.com.