No Annual Fee Balance Transfer Credit Cards
No Annual Fee Balance Transfer Credit Cards Compard and Reviewed
The combination of a Balance Tansfer credit card offer with a no annual card fee is rare one to find, here we compare the credit cards competing to deliver the ultimate in value.
Use our calculator below to work out the interest savings you could make by switching to one of the balance transfer credit cards listed in the table, simply enter the balance you wish to transfer and the interest rate you are currently paying the interest savings available are then shown for each card.
Guide to the Cheapest Balance Transfer Credit Cards
With the combination of a low Balance Transfer Interest Rate and the guarantee of no annual fee for the life of the card No Annual Fee Balance Transfer credit cards have a firm claim to be amongst the cheapest Balance Transfer Offers available. When the objective lies with saving money on fees and interest whilst clearing a historical balance, these cards are clear contenders.
How to save with a Balance Transfer credit card
- Select the card that offer the right combination of low balance transfer rate and length of the period over which the introductory rate remains valid, often referred to as the Balance Transfer Period. A 0% p.a balance transfer rate that runs for just 6 months will be the wrong choice, and prove costly, if you are not 100% confident you can repay the balance in full within 6 months. If your confidence level on this is below 100% opt for a longer period over which to repay the balance to provide some breathing space.
- Understand the implications of the revert rate. When the Balance Transfer Period comes to an end any remaining debt on the card will no longer benefit from the low Balance Transfer rate, instead the rate reverts to a higher rate which is usually either the cards standard purchase rate or cash advanace rate.
- Absolutely never miss making the payment on each of the published payment dates. Transferring your debts to a balance transfer card is a great way of reducing your interest charges whilst you repay the debt, but all the benefits delivered by the balance transfer can easily be lost simply by missing one of the monthly repayments.
- Control the urge to continue to spend on your new credit card. Balance Transfer cards often include great rewards programs and relatively low purchase rates so it is tempting to use the card as you pay down the balance transfer debt. Any spending on your card is going to reduce your ability to totally clear your card balance and be debt free at the end of the transfer period, remind yourself why you made the balance Transfer and imagimne what a debt free life would feel like.
- Consider balance transfer cards that charges an annual fee. There’s a wide range of no-fee balance transfer cards you can choose from. But by paying an annual fee, you could also be paying for more favorable terms for your balance transfer such as a longer introductory period and a lower revert rate when that period is up, so consider all the options to secure the best deal for your circumstances.
Compare 0% Balance Transfer Credit Card Offers - Many 0% Balance Transfer Offers are now available and it can be difficult to compare the deals, by comparing all the card details side by side it makes it easy to access each credit cards pros and cons relative to your circumstances. Read more
Compare Instant Approval Balance Transfer Credit Cards - If you have a blemish free credit report the Instant Approval Balanace Transfer Cards could be an option worth considering as they guarantee a conditional decision on your application within 60 seconds of submitting your online application. Read more
No Annual Fee Balance Transfer Credit Cards - Frequently Asked Questions
The maximum amount you can transfer to a blanace transfer card is determined by the balance transfer limit which is set by the Credit Card provider when they process your credit card application and set your credit card limit.
The most that you can transfer to new card would be equal to the approved credit limit, while some banks allow cardholders to transfer only up to 90 to 95 per cent of the new credit limit. The remaining part of the limit could be used for standard purchases.
No. A lower interest rate means a lower cost of holding an outstanding balance on a card; this does not necessarily translate to lower monthly payments. A credit card account dictates a fixed minimum monthly amount, so the monthly repayment will depend on what the card company requires, and not on the interest rate. Even if you move the balance to a card with lower interest, if the minimum monthly requirement is higher, this would not lower your monthly repayment amount.
However, this should not be reason enough for you to dismiss a balance transfer offer. Even if you don’t get to pay less every month, you will be debt-free more quickly because a bigger part of your payment will go towards settling the balance rather than servicing interest. You will also be paying a smaller amount in total since your interest costs are much less.
The number of credit card balances that you can transfer to a single card depends on the provider of the balance transfer card. All card providers allow transfers from one card, with a small number permitting transfers from multiple credit and store cards.
The more important thing is that the total balance to be transferred from all the existing cards should be within the new credit limit set by the balance transfer card company. If the total amount exceeds the balance transfer limit, then you won’t be able to clear all the balances on all your existing credit cards. In this case, the best move would be to pay off the credit cards with the highest interest rates first.