Shifting your bank card debt from an account with a excessive rate of interest to a brand new card with a protracted 0% APR interval can prevent huge cash each month-to-month billing cycle. But if you happen to’re planning to switch a considerable amount of debt, you should definitely contemplate stability switch charges first.
Some bank cards cost charges — normally between 3% and 5% of your transferred quantity — to make stability transfers. Those charges can briefly improve your stability and negate among the advantages of a decrease rate of interest.
Luckily for you, different bank cards waive stability switch charges fully, although they may compensate for that free switch with a shorter intro APR interval.
If you wish to transfer your bank card stability to a brand new account and skip the stability switch charge, overview our high companion gives to discover a card that works greatest for you. We will periodically replace this checklist as bank card gives and phrases change.
Read extra: Best Secured Credit Cards
Longest intro APR with a $0 introductory switch charge
Intro OfferN/A
APR8.49% to 19.99% (Variable)
Recommended Credit Excellent/Good Credit
Reward RatesN/A
Annual Fee$0
Intro Purchase APR0% Introductory APR for the primary 15 months that your account is open.
Intro Balance Transfer APR0% Introductory APR for the primary 15 months that your account is open.
Balance Transfer Fee Either $10 or 3% of the quantity of every stability switch, whichever is larger.
Balance Transfer APR8.49% to 19.99% (Variable)
Late Payment Fee Up to $37
Foreign Transaction Fees 3% of every transaction in U.S. {dollars}.
Penalty APR None
Our Take
The Union Bank® Platinum™ Visa® Credit Card gives 15 months of 0% introductory APR on each purchases and stability transfers, with $0 in stability switch charges if you happen to full your first stability switch throughout the first 60 days of account opening (after that, 3% of every switch with a minimal of $10). After the promotional APR interval ends, you will be topic to a variable APR of 8.49% to 19.99% — the decrease finish of this vary could be very aggressive in comparison with most stability switch bank cards. There can also be no annual charge, making this a protected card to switch your stability to with none further prices if you happen to’re diligent.
A mid-range intro APR provide
Intro OfferN/A
APR8.15% – 18.00% variable APR
Recommended Credit N/A
Reward RatesN/A
Annual Fee$0
Intro Purchase APR0% intro APR for 12 months from account opening on purchases
Intro Balance Transfer APR0% intro APR for 12 months from account opening on BTs
Balance Transfer Fee None
Balance Transfer APR8.15% – 18.00% variable APR
Foreign Transaction Fees None
Our Take
Wings Financial Credit Union relies in Minnesota, however you possibly can be part of by making a $5 donation to the Wings Financial Foundation. After that, you possibly can apply for the Wings Visa Platinum Credit Card*, which expenses no annual or stability switch charges and gives 12 months of 0% introductory APR on stability transfers and purchases (8.15% to 18.00% variable APR thereafter).
Intro OfferN/A
APR6.99% to 18.00% (Variable) once you open your account, primarily based in your credit score worthiness
Recommended Credit N/A
Reward RatesN/A
Annual FeeNone
Intro Purchase APRN/A
Intro Balance Transfer APRIntroductory 0.00% APR stability switch for 12 billing cycles
Balance Transfer Fee None
Balance Transfer APR6.99% to 18.00% (Variable) once you open your account, primarily based in your credit score worthiness
Foreign Transaction Fees None
Our Take
First Tech Federal Credit Union relies out of San Jose, California, and catered initially to workers of tech firms within the Pacific Northwest. Today, you possibly can develop into a member if you happen to work for one in every of their companion firms or develop into a member of the Computer History Museum ($15 for an annual membership) or the Financial Fitness Association ($8 for an annual membership).
The First Tech Platinum Mastercard* bank card additionally gives 12 billing cycles of 0% introductory APR on stability transfers (6.99% to 18.00% variable APR thereafter) with no bank card stability switch charges.
Low intro APR with no stability switch charge
Intro Offer$100 in assertion credit score after you spend $500 on qualifying purchases, within the first 3 months after account opening
APR11.24%–21.24% (Variable)
Recommended Credit Excellent Credit
Reward Rates
1% limitless money again on all qualifying purchases
Annual Fee$0
Intro Purchase APRN/A
Intro Balance Transfer APR3.25% variable intro APR for first 36 months on all stability transfers inside 60 days of account opening.
Balance Transfer APR11.24%–21.24% (Variable)
1% limitless money again on all qualifying purchases
Our Take
The SunTrust Prime Rewards Credit Card* does not cost a stability switch charge per se ($0 for stability transfers within the first 60 days, then 3% or $10 minimal). Rather, it comes with three years of a comparatively low APR — 3.25% variable — which serves as a flat switch charge paid over a yr. It’s value noting that the efficient fee will truly be decrease than 3.25% variable, if you happen to will pay down your stability.
Bottom line: If you want extra time to repay your debt, the SunTrust Mastercard Prime Rewards gives a balanced mixture of a low rate of interest and a protracted payback interval.
FAQs
How do stability switch bank cards work?
When used appropriately, stability switch bank cards operate as a debt-financing device. They can assist you pay down present high-interest bank card debt sooner and for much less.
When you switch a stability, you progress debt from one bank card to a different. The greatest stability switch playing cards provide low or no curiosity for a set introductory interval, permitting you to pay down your debt with out worrying about excessive accruing curiosity. This introductory APR interval typically lasts between 12 months and 21 months, supplying you with a major time period to repay your stability earlier than the rate of interest will increase.
While a couple of bank cards provide no-fee transfers, most stability switch playing cards cost you between 3% and 5% of the stability transferred. Typically, the longer the introductory 0% APR interval, the upper the charge, and vice versa. So playing cards and not using a stability switch charge have shorter introductory APR intervals, and people with switch charges have longer introductory APR intervals.
Where can I discover bank cards with no stability switch charge?
We assume the Wings Visa Platinum and First Tech Platinum playing cards are two of one of the best bank cards with no stability switch charge. While each provide introductory APR gives, you’ll have to pay between $5 to $15 to develop into a member. This charge is comparatively small in comparison with typical stability switch charges, although. To examine, to illustrate you are transferring $5,000 in bank card debt — a card with a 3% charge would cost you $150 to take action, whereas the Wings Visa Platinum and First Tech Platinum playing cards would solely require a membership charge underneath $20.
That stated, if you happen to’re already a member of a credit score union, it could be value asking if it gives a stability switch card with a 0% introductory APR interval and no stability switch charge.
What are the advantages of a bank card with no stability switch charge?
A bank card with no stability switch charge enables you to switch a stability from one account to a different with out paying an upfront switch charge, typically between 3% and 5%. The trade-off is a shorter introductory APR interval for stability transfers.
A bank card with no stability switch charge and a 0% APR gives a solution to repay high-interest bank card debt with out paying a dime in curiosity or charges, however provided that you possibly can pay it off inside one yr. If you want extra time, it could be higher to contemplate a card with a stability switch charge that has an extended no-interest or low intro APR interval.
How do I resolve if a bank card with no stability switch charge is correct for me?
The first step is to grasp how massive of a month-to-month cost you possibly can afford every month. Then, calculate how a lot you will pay in curiosity and charges with two or three completely different stability switch bank cards.
Generally talking, if you happen to can repay your debt in round 12 to fifteen months, the three% you save with a bank card with no stability switch charge shall be value it. If it will take you 17 to 18 months or longer, a card just like the U.S. Bank Visa® Platinum Card could prevent more cash in curiosity funds, regardless of the three% switch charge ($5 minimal). If you want greater than two years to pay down your stability, the SunTrust Mastercard Prime Rewards could also be your best choice. Don’t low cost private loans both — if you happen to owe a major quantity and want a couple of years to repay your debt, you might be able to lock in a private mortgage for a decrease rate of interest than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on stability transfers (11.24% to 21.24% variable APR thereafter).
Our methodology
CNET critiques bank cards by exhaustively evaluating them throughout set standards developed for every main class, together with cash-back, welcome bonus, journey rewards and stability switch. We consider the standard spending habits of a variety of client profiles — with the understanding that everybody’s monetary scenario is completely different — and the designated operate of a card.
For cash-back bank cards, for instance, key components embrace the annual charge, the “welcome bonus” and the cash-back fee (or charges, in the event that they differ by spending class). For rewards and miles playing cards, we calculate and weigh the web financial worth of a card’s respective perks. And with stability switch bank cards, we analyze specs such because the length of the introductory 0% APR interval and the stability switch charge, whereas acknowledging secondary components reminiscent of the usual APR and the size of time you need to make a stability switch after you open the account.
More bank card suggestions
*All details about the Wings Visa Platinum Credit Card, First Tech Platinum Mastercard, and the SunTrust Prime Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
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