What credit card companies are the best for low transfer balance fees?

Question

I have 5000 balance spread out on 4 different credit cards and i want to take one of the balances, which is 3,000, and TRANSFER it to another caard with LOW transfer balance APR fees...what are my options???

Answer 1

It is very likely that you are going to be charged a percentage when transferring credit card balances. This fee is usually 4-5%, with a $35-50 cap. Unfortunately, many credit card issuers have decided to eliminate the cap; resulting in consumers having to pay hundreds of dollars when transferring $1500 or more. Even worse, this fee is often considered a new purchase, meaning you pay a high interest rate for this portion of your card's balance. Therefore, you should look to apply for a credit card that offers caps on balance transfer fees and costs. click to: http://www.credit-card-gallery.com/article/173,Credit_Card_Balance_Transfer_Tips for getting all information about low tranfer balance companies.

Answer 2

What I suggest is that you find a card with an introductory 0% APR on balance transfers and a low APR after that.

http://creditapply.org/blog/ has a list of 0% introductory card under the post "What are the best APR Rate Credit Cards"


Here is a their list

Discover Platinum Card 0% for 12 months then 10.99%
Discover Platinum American Flag 0% for 12 months then 10.99%
Platinum Business American Express Card 0% for 12 months then 11.24%
Blue Cash from American Express 0% for 6 months then 13.24%
Chase Platinum Visa 0% for 12 months then 14.24%
Blue from American Express 0% for up to 15 months then 14.24%

Be aware that some credit cards have an introductory rate of 0% on balance transfers but for others the introductory APR is only on purchases, so be sure to check.

Just remember that when transferring credit card balances to another card, the 0% APR will help you organize your finances temporarily but will not remove the debt obligation

Answer 3

I like Discover because they have some cards with NO fees. (I recently did a $6k balance transfer at 0% for a year, with no fee whatsoever). Most cards charge 3%, with a $75 cap (a few are uncapped - watch out for those). Since your balance is spread out over 4 cards, you would probably be best off doing a BT into your checking account and writing a check for each card; then you can pay them all off, just have a very low (or no) interest card with a balance, and only pay one BT fee.

I'm linking you to a page that talks about things to look for when doing a balance transfer, and has some links to 0% credit cards at the bottom. Hope that helps.

Answer 4

More and more credit card companies are incorporating 'balance transfer fees' to limit the growing number of transfers. Discover is one of the few that still doesn't charge balance transfer fees. You can find the Discover Platinum card, and many other balance transfer offers here:

http://www.asapcreditcard.com/0-apr.html

Make sure you take a look at the 'terms and conditions' of some different offers to see if they charge a balance transfer fee. It should be clearly stated in the application.

GOOD LUCK!

Answer 5

Gent,

You are a man of my own heart!

Washington Mutual offers 0% interest on balance transfers for a year, with a 3% one time transfer fee.

Your initial limit will probably be high enough to transfer all of the balances; make sure you leave room for the fees.

Also, when you transfer balances, don't use the card for purchases. The interest on the purchases will be added and the purchases will be paid off after the transfers.

Also, look into Discover, Chase and Citibank.

Answer 6

do no longer close the different credit card account except they value an annual cost or some thing. you will lose factors on your credit in case you cancel. credit playing cards selection so determine you study the wonderful print.

Answer 7

go with citi-card, or go here to compare them, they have a few here http://www.bestcreditrates.net