We also have a few very rare no fee balance transfer (BT) Zero or 0% offers for up to 15 months below. Also, one offer is as low as 3.25% for 3 years and another is as low as 6.9% for the life of the transfer (no expiration!). None of these offers advertise with us.
Depending on your situation, you might be better off paying a fee if you can get an offer that lasts 21 months (see link above). You just have to do the math and figure out realistically how long it's going to take you to pay off the balance that you transfer. 🙂
Questions or Concerns? Please feel free to post at the bottom of this page in the customer or cardholder reviews section and an expert will typically reply within 24 hours (and read reviews from other consumers)!
Important Consumer Note!
No Credit/Bad Credit? Click here to build your credit score using a real credit card (not a prepaid or debit card that won't help your credit)!A high credit score can allow you to get a lower rate loan, lower your insurance premiums and may even help you get a job! (sponsor link)
Important Consumer Note!Want to get a prepaid Visa with no monthly fees with direct deposit and with more benefits and features such?
If so, then consider the Go2Bank Cash Rebate Visa- Click Here for More Info and to Apply Online in Just Mins (No Fee with Direct Deposit).
(Sponsor Link)
The bottom line is that if you are looking at financing some expenses and already are carrying around some debt, a balance transfer credit card can be a great move in 2020. If you would like to pay off a new purchase, take a look at some of the 0% APR purchase offers noted below as well (none of which charge fees).
Please note that while offers are not in ranking order, our favorite no transfer fee offers have 3 asterisks (***) beside them and all are screened carefully by our editors.
Looking for a Great Balance Transfer Credit Card?
Best Zero Interest Transfer Offers with No Fee
Apply Online in Minutes
(Sponsor Link)Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.
Your input is invaluable and we'd love to have your opinion on what the Best 0% Credit Cards with No Balance Transfer Fee Offers are. See below our Editor's Picks section to read consumer or customer reviews of the best offers and post your own opinion – this site is powered by you!
Important Consumer Note! Please be careful when comparing balance transfer offers online- almost all sites ONLY list credit cards that advertise with them (about 80% of our card offers don't pay us a dime- we list our advertisers as featured cards and/or sponsored links) and a few sites claim to have no fee 0% balance transfers, but actually are no fee 0% rates that APPLY ONLY TO NEW PURCHASES (and not to balance transfers). 🙁Also, please be advised that your credit score needs to be good (685-750+ range or higher) to qualify for the longest balance transfer rates- the credit standards to qualify for the best offers have increased due to fallout from Covid 19. In other words, the credit score requirements to get approved are even higher now due to the Coronavirus.
Citi Diamond- 0% for 18 Months and Citi Simplicity® Cards – 0% for 18 Months (Advertiser)
Citi offers two notable balance transfer cards. The Citi® Diamond Preferred® Card offers a concierge service for those who are looking for help making travel and entertainment arrangements.
Both cards offer a zero or 0.00% APR on balance transfers and purchases with no annual fee. Diamond offers 0% on transfers for 18 months (and 0% for 18 months on purchases) and Simplicity offers 0% on balance transfers for 18 months (and 0% for 18 months on purchases). All transfers must be completed in first 4 months of card membership. The upfront balance transfer fee is $5 or 5% whichever is greater (which is higher than the normal 3% charge). After the promotional period expires, the Simplicity rate changes to 14.74% – 24.74% and the Diamond card will range from 12.9% to 24.74%.
Both of these are variable rates, so as the Prime Rate moves, so will these rates. Citi Simplicity is famous for its “no-fees” approach. They are the only card with no late fees, no penalty rates and no annual fees.
If avoiding fees is one of your high priorities, this may be a card to consider. Learn more about this card offer and compare this card with other 0% APR cards here that may have lower balance transfer fees. (Sponsor Link)
The Chase Slate Card previously (see important note by clicking link immediately above) featured a rare no balance transfer fee 0% for 15 months (the longest no fee transfer offer we are aware of that has been around for a long time), then an APR of 23.74%.
You must complete the transfer within 60 days (limited time intro. fee offer- future transfers will be charged a 5% fee). Also, please note that Slate will not allow you to transfer debt from a department store credit card. Compare the Slate card offer with other 0% APR cards here that are up to 21 months long (fees apply). (Sponsor Link) The Blue Cash EveryDay® Card from American Express offers a 0% APR for 15 months on balance transfers and purchases. The go to rate is 12.99% to 23.99% depending on your credit rating. 3% balance transfer fee. May 2020 Update! The following American Express Everyday Card offer appears to no longer be available. Please post below if you have any information.
The American Express Everyday Card (different card offer) also features a 0% intro APR on purchases and balance transfers for 15 months, then a variable APR from 13.99% to 24.99% (same ongoing purchase rate as Blue Cash Every Day) with $0 aka No Balance Transfer Fee (Balance transfers must be requested within 60 days of account opening). Click to compare the AMEX Blue Cash Everyday® with other 0% APR cards that are up to 21 months (6 months longer than this card) (Sponsor Link)
If you’re in their service area, which includes Arizona and Austin, Texas, TruWest Credit Union offers a 0.00% APR on both purchases and balance transfers for 18 months. This comes with a 3% transfer fee, and if you qualify, a rewards program that can net points that you can turn into travel, gift cards, or up to 1.5% cash back (though we don't normally suggest using a card for rebates if you do a balance transfer).
Chase Slate ***- 0% for 15 Months on Purchases and Transfers (Non Advertiser) with No Transfer Fee
TruWest Cards Platinum Visa Regional Offer (Non Advertiser)
You can transfer debt from department store cards and other financial institutions (other than credit card issuers) using the 18 month offer – not every issuer will let you do this (Chase for example only allows you to transfer credit card debt in certain situations).
The variable purchase rates will be used after the promotional period expires and are as low as 6.95% up to 20.95% depending on your credit-worthiness. Also, since this card is from a credit union, you must join the credit union before you can apply (assuming your eligible to join). Compare the TruWest card with other 0% APR cards here that are up to 21 months (3 months longer than this offer). (Sponsor Link)
Citizen’s Bank Clear Value MasterCard– 0% for 18 Months (Non Advertiser)
Citizen’s Bank, headquartered in Providence, Rhode Island, offers 0% on balance transfers (no special pricing rate on purchases) for 18 months from the account opening date on their Citizens Bank Clear Value® MasterCard®. There is a standard 3% balance transfer fee.
Afterwards, the rate changes to 14.99%-22.99% based on your creditworthiness and the rate will vary based on LIBOR, which is the he London Inter-bank Offered Rate (and is not based on Federal Reserve prime rate that almost all cards use). The card is available nationwide and you can apply online or by phone (you can apply in person at one of their branches in the Northeastern part of the country). Click here to compare the Citizens Bank card with other 0% APR cards here that up to 21 months (3 months longer than Citizens offer). (Sponsor Link) Capital One Quicksilver Cash Rewards Card – 0% Intro APR for 15 Months (Non Advertiser)
This 0% cash back card offers a one-time $150 cash rebate bonus after you spend $500 on purchases within 3 months of opening your account (though we do NOT suggest using a card for purchases after you transfer a balance to it).
With the Capital One® Quicksilver® MasterCard, enjoy a 0% rate on purchases and balance transfers for 15 months (15.49%-25.49% variable APR after that)- 3% transfer fee applies. Click here to compare this card with other 0% APR cards that last up to 21 months (6 months longer than Capital One). (Sponsor Link)
Chase Freedom 0% for 15 Months on Purchases and Transfers (Non Advertiser)Features a 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.99% to 23.74%. Balance transfer fee is 3% of the amount transferred (3% is a typical fee), $5 minimum. Please note that the intro Balance Transfer 3% Fee is only available for the first 60 days after you apply- it goes up to a 5% fee after 60 days.
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening (please note even though the 0% rate applies to purchases as well, we generally don't recommend making new purchases on this card if you do a balance transfer as the goal is to lower your debt). Learn more about this card offer and to compare it to similar 0% intro or teaser rate offers that last longer (up to 21 months). (Sponsor Link)
HSBC Gold Mastercard® Credit Card – 0% for 18 Months (Non Advertiser)
HSBC offers a zero or 0% on both purchases and balance transfers for 18 months from the account opening date on their HSBC Gold Mastercard® credit card. There is a balance transfer fee of 4% or $10, whichever is greater.
Like most 0% offers, you should not apply if your credit is bad.
This particular offer is best for those with a credit score 660+.
Afterwards, the ongoing rate changes to 14.49%, 18.49% or 24.49% based on your creditworthiness. The APRs will vary with the market based on the Prime Rate. The card is available nationwide and you can easily apply online. HSBC also offers other cards with 0% APR introductory offers balance transfers and purchases. Also features a Late Fee Waiver (unique benefit) and no penalty APR if you're late on a payment.
The BankAmericard® Credit Card– 0% for 15 months on Purchases and Transfers (Non Advertiser)
The BankAmericard® credit card (MasterCard) is a balance transfer credit card offer worth considering if you aren't a Bank of America customer (anyone can apply as long as your credit is good). It features a 0% introductory APR on both purchases and balance transfers for 15 billing cycles (for the first 60 days your account is open).
A 3% balance transfer fee applies (minimum of $10), which is typical for most similar offers. It can make sense to pay this fee because few 0% offers last for 18 months (most are 12 months in length).
The regular purchase APR after the introductory rate expires is between 14.49% – 24.49% variable. Also, BofA has No Penalty APR – meaning that if you make a payment late, it won't automatically increase your interest rate (APR). However, please note that you can lose your balance transfer promo rate if you default on your account. One nice cardholder perk is that you will get your FICO® Credit Score for free (though many card issuers offer this same benefit now). Compare the Bank of America offer with other 0% APR cards from other card issuers. (Sponsor Link)
Expert Commentary: We asked Steve Rhode, the founder of GetOutofDebt.org, and he provided some wise advice on balance transfers. “All balance transfer offers need to first be evaluated in context. These are marketing offers designed to induce you over to a new account or creditor in hope you will carry a balance past the introductory period and have to pay interest on the remaining balance. The smart financial move here is to repay the full balance before the introductory period ends, if possible.“
Discover it® – 0% for 14 Month Balance Transfer Offer* (Non Advertiser)
The Discover it card has an offer to transfer balances with a 0.00% interest rate for 14 months (online application link) and also offers 0.00% on new purchases for 14 months. This card comes with an intro 3% balance transfer fee until April 10, 2020, then goes up to 5%. After 14 months, the rate will vary from 13.49% – 24.49%. Click here to “Learn More” about this card.
Other benefits include cash back rewards, the lack of an annual fee, no foreign transaction fees, and a report of your FICO credit score on every bill. If you’re making a concerted effort to get your financial house in order, this card is a tremendous tool to have. Click here to compare the Discover it Card to other Balance Transfer Cards that offer terms up to 21 months (7 months longer than the Discover it Card) (Sponsor Link)
Santander Sphere 0% 18 Month – Regional Offer (Non Advertiser)
As you might expect, the Santander Sphere® 18 Month offer is a 0.00% APR on balance transfers for a full 18 months provided the transfer is made within 90 days of opening the account. The downside of this offer is a slightly larger balance transfer fee.
For most cards, the fee is 3%, but for the Santander Sphere, it’s 4%. For many, the extra three months of no interest will be well worth paying an additional percentage point in fees. After the promotional rate expires, remaining balances will shift to the current variable purchase rate which is 14.49% to 24.49% pending creditworthiness. Later on, we’ll show you how to use an online balance transfer savings calculator to see where you stand.
In addition, Santander is one of the relative few balance transfer cards that offers a rewards program. They offer one point per dollar spent, and points can be exchanged for travel, gift cards, or cash back. They also offer 0% for 18 months on purchases. Cards are available nationally, but you must apply in person at a local branch. All branches are located in the Northeastern United States.
Click here to compare the Santander Sphere Card to other Balance Transfer Cards that offer terms up to 21 months (3 months longer than the Sphere Card) (Sponsor Link)
Consumer Experience:We spoke with a retired teacher with over $50,000 in credit card debt. “When I was thinking of transferring, I was looking at offers no longer than 12 months. I was afraid I could not pay it off in 12 months, so I did nothing. On hindsight, even if I did not have it all paid off before the intro time period ended, I still could have possibly saved thousands in interest during that time.”
SunTrust Prime Rewards Card– 3.25% for 36 Months (Non Advertiser)
The 3 year term offer is much longer than the typical 0% offer and has become more appealing as the prime rate has dropped in the past year. The prime rate is currently 3.25%. So, new cardholders will enjoy 3 years at an intro APR of 3.25% with the Prime Rewards Card on balance transfers made in the first 60 days.
U.S. Bank Platinum Visa® – 20 Months (Non Advertiser)
Enjoy a special 0% introductory APR* on purchases and balance transfers for 20 billing cycles and thereafter, a variable APR applies, currently 13.99% – 23.99%. Fee is 3% of the amount of each transfer or $5 minimum, whichever is greater. As an added benefit, cardmembers enrolled in online banking can obtain their TransUnion® Credit Score at no cost.
Other Cards to Consider (Non Advertisers):
Although not a zero or 0% APR, great savings for the long-term can be found with a card from NASA Federal Credit Union*** (anyone can join this credit union). They offer three different cards that offer as low as 6.9% – 17.99% APR (your rate will depend on your application screening) on balance transfers for the LIFE of the balance (rate will not go up as long your account is in good standing!) with no balance transfer fee.
You have to complete the transfer within 90-days of opening your account and your ongoing purchase rate will be based on creditworthiness). After three years if you qualified for a 9.9%, that would be a savings of $3,408 on a $16,000 balance with no balance transfer fee up front.
Simmons Bank*** in Arkansas also offers a 0% balance transfer rate for 12 months (3% fee) with their Visa Platinum card. After the introductory 12 months 0% APR, the rate goes to a low 8.25% (Non Advertiser) and NO balance transfer fee. This card is available nationally, but you need good to excellent credit to qualify.
Finally, Navy Federal CU (non advertiser) offers a 0% rate on its Platinum Visa for 12 months on balance transfers with no fee. After that, the rate goes to 7.49% – 18.00% depending on your credit rating and application review.
The only downside is that you must have a military affiliation to apply for their card as Navy Federal is a credit union. Also, please note that Navy Federal can only accepts balance transfers from other card-issuer accounts – balances from other creditors are not eligible for this offer.
The Feds Recently Cut Rates
Credit card interest rates have been steadily rising since late 2016, but the good news for consumers is that the Feds just cut rates significantly due to the Covid 19 health crisis. This will lower the purchase APR rates on all credit cards, including the ongoing rates after the introductory rates expire on balance transfer offers (the go to rate after a 0% rate ends).
Unfortunately, this rate cut may NOT result in any more 0% offers than are currently available (and we may see less 0% offers as the economy is hurting) and may not result in longer term introductory offers (how long the intro rate lasts). We will have to wait and see. 🙂
According to experts, the possibility for additional rate hikes in 2020 from current levels is not likely, but could still happen. The bigger risk in our opinion is less 0% offers and credit card companies getting more strict regarding who they approve (making it harder to qualify for a good 0% offer unless your credit is really good- 700+ range). If you have a significant credit card balance, even a small rate increase can represent a much larger payment or longer payment period.
Transferring your debt into a single or multiple balance transfer cards can be an excellent move to lock in low rates and protect yourself against these rate increases. Above we list some of the longest balance transfer cards, which are at least 15 months in duration. Our partner site offers a more comprehensive comparison of 0% balance transfer offers that are less than 15 months*, including a few no fee 0% cards (no balance transfer fee).
Above, we will share some of our favorite no interest credit card balance transfer offers with you. With the prospect of higher interest rates, now is the best time to transfer balances from high interest credit cards and consolidate to a card with a 0% APR introductory time period. Imagine the interest savings going from 13 to 20%+ down to 0% on existing balances for 12 to up to 18 months.
We wish you well in your card research and selection and sincerely hope that you realize true savings as you pay your balance down through 2020. Click here for more information, including tips and tricks regarding balance transfer credit cards.
Balance Transfer Cards 101
The general premise behind balance transfer cards is simple. They will allow you to transfer your balance from other credit cards—for a relatively small one-time fee (typically 3%)—and give you a 0.00% interest rate on your balance transfer for several months (typically for 6 to 12 months). They’re betting that you will either not pay off the entire balance in time, or that you will make new purchases that will be subject to interest charges.
Still, if you’re disciplined, one of these cards can make a big difference in your financial picture. Here’s a test. Take your last credit card statement and look at how much of your payment went to your principal and how much went to interest. Now imagine if the entire payment went towards your principal. If you get a sick feeling in your stomach, you’ll want to investigate these cards.
Below, we will answer some typical questions posed regarding balance transfer or 0% APR credit cards.
- Please note that we have been in a rising rate environment for the last couple of years or so, but fortunately the Feds cut rates recently by .25% three times (at the end July and in Sept and Oct of last year). But no one knows whether rates will go up or down going forward. As a result, we advise that you lock in a 0% balance transfer rate now as they may become more scarce going forward. Be sure to share balance transfer tips and read tips from other consumers at the bottom of this page
- What is the definition of 0% Intro APR?
This is an introductory offer provided by the card issuer for a set amount of time where a 0% interest rate is applied to either a balance or balances transferred or to future purchases. Most offers are for balance transfers, but there are also offers for 0% APR for purchases for a set amount of time. Most time periods range between 12 and 21 months on 0% offers. - What exactly is a 0% APR credit card?
A 0% APR credit card is a card that is offering a 0% rate on balance transfers and/or purchases for a set period of time. Although many offers are for one or the other, you can find offers where both balance transfers and purchases are offered for an introductory 0% APR interest rate. These cards are great for transferring one or more balances from existing credit cards, effectively paying off those cards and consolidating that debt into one payment. You may also hear about zero interest credit cards, which is just another way of referring to a 0% APR credit card. - What is the national average interest rate for credit cards?
At the time of this writing, according to federal reserve data dated for November 2019, the national average interest rate for credit cards (all accounts) for purchases is 14.87 percent and those with assessed interest average to 16.88%.
According to a study by Gobankingrates.com, credit card rates tend to fall between an average of 11 and 17 percent currently with student credit cards, balance transfer and low-interest cards offering the lowest rates. On the low end, you may find rates as low as 7.24% or on the higher end of the spectrum, you can see rates as high as 23-29%. - What is a go-to rate?
A go-to rate is the interest rate offered for purchases or balance transfers after the introductory time period is over. This is typically the purchase APR or purchase rate for the credit card. If you received 12 interest-free months at 0% APR, when that period ended, your remaining balance would then be charged interest at the current purchase rate. This typically averages between 11 and 17 percent based on your credit score and the type of credit card. Lower credit scores will typically have higher purchase rates. - How do you choose the best 0% APR offer?
This entirely depends on your situation and how you need to use the 0% offer. For example, if you currently have $10,000 in debt on credit cards at 17.99%, it might be in your best interest to transfer that debt to a card offering a 0% balance transfer offer for 12-21 months, especially if you think you can pay it off during that time period. If, on the other hand, you know you have large purchase you need to make, you may want a credit card offering a 0% APR for purchases for the longest time you can find. - One key thing to take into account when transferring a balance from existing cards is the balance transfer fee. Most nationally available cards have between a 3% and 5% balance transfer fee, with a minimum of $5 or $10, whichever is greater. Overall, you can find $0 or free balance transfer fees up to 5%, depending on the card and the issuer. Be sure to note what that fee is before transferring a balance. One other thing to note is whether there is an annual fee. Most cards do not have an annual fee, but it never hurts to check before you apply.
Online Balance Transfer Calculator
The devil, as they say, is in the details, and the details of your financial situation aren’t necessarily going to be the same as those of anyone else. As a result, we recommend using an online Balance Transfer Calculator to calculate just which card is going to be the most useful for your situation.
According to a 2016 American Credit Card Debt Study, a typical American family carrying balances on credit cards has about $16,000 of credit card debt with an average interest rate of 15%.
Transferring that debt to a card with a 0.00% APR for 18 months with a 15% APR after the introductory period would cost $480 for the standard 3% transfer fee, but would save $3,120, overall a savings of $2,640.
If you don’t think you can pay off your entire debt in the introductory period, getting a lower interest rate after the introductory period can produce wonders. For example, that average family with $16,000 in credit card debt paying a 15% APR would see $3,203 in savings during the introductory period with a credit card that features a 4.99% transfer APR for 24 months and no transfer fee. Assuming a $5,000 remaining balance and a 9.99% post-promotion rate, the family could also save an additional $250 on interest the first year after the introductory period is over.
Other Related Articles:
The 12 Best Balance Transfer Credit Card Offers: Longest Terms
Should You Apply For A No Interest Balance Transfer Credit Card Or A Store Card
Our Ratings/Disclaimer:
When reviewing these cards, we do our best to put ourselves in your shoes. We choose cards based on such things as maximizing savings through promotional interest-free periods, (lack of) fees, finance charges and ease of use. In other words, if we wouldn’t use these cards ourselves, we wouldn’t recommend them!
* NOTE: We are proud that the majority of cards that we list (about 60%) are cards that don’t advertise with us― almost all of our competitors ONLY list cards that advertise with them. About 40% of the credit card offers that appear in this article are from credit card companies from which we receive financial compensation (these cards are listed as such on our site). They are noted above with an asterisk.
The bottom line is that we don’t know of another site that prominently lists as many non-advertiser cards! Please note that rates are current as of the publishing date of this article and should be verified prior to applying.
Co-written by Curtis Arnold, a nationally recognized consumer advocate and founder of CardRatings.com, the pioneering website that started posting the first credit card ratings online around 20 years ago, and Shane Tripcony, personal finance blogger and web marketing consultant. Curtis and Shane are the founders of BestPrepaidDebitCards.com, which provides ratings and reviews of prepaid cards and credit cards.
Please note: “The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone.”
Any suggestions on a good balance transfer card? I’m needing one since Regions Bank took 5k of my funds away. My loan officer told me it’s better to pay down any money I can on LOC even if I need the funds in two days.
I got 35k from the EIDL funds for the pandemic to help boost small business and I parked the money on my LOC and then a few days they swooped the funds from me. I felt deceived as the loan guy told me one thing then did something else.
Anyway.. Just looking for a transfer card… btw.. the other two transfer cards we paid in full before the intro rate expired 👍👍
Thanks for your post and sorry to hear of your problems. Do you have a Citibank card?
The Feds took money out of your account after depositing into your account?!
I could use any advice
I have Way 2 much card debt following a divorce
$24,000.00 and my score has dropped from 735 to 577!
I just do the best i can everyday… i am fixing interior in boat and have it sold for $4,000.00 that will help
Plus having health issues – so
Medical bills
Update- I was just checking my account in case I have to pay a gazillion to get my cat from the vet and noticed a charge from Merrick Bank. so was going to jump on the account and turn off auto pay bc I thought I must’ve missed that one charge.
Well, there was no payment on my account. And somehow I’ve missed it all these months I think because it was the same payment amount of mine maybe? I remember getting confused about it a couple times like I thought I already paid them this month. But never looked into it further.
I texted my ex and he wasn’t even surprised. Tricky sucker!
On more update: Omg so I took a different approach with First Premiere this morning. I said so since you won’t give me the account number (they would not give me my own account number and my account is closed so I don’t have the card anymore!), can I set this account up with my credit counseling directly through you?
The rep said “oh you’re doing credit counseling”? Well we can give you your account number with no problem! They have called me a dozen times demanding I pay and I’ve told them I’m enrolled in credit counseling program and the program won’t pay my debt unless they get my First Premeir account no. Geez!
So Im entering a debt management plan (DMP) where they require you to close all your accounts out. I’ve read terrible reviews of First Premier but was shocked when they lowered my rate to 0% after I enrolled in the DMP.
The lowest rate I could get when I negotiated on my own was 18% (had to agree to close out my account)- down from a rip off rate of like 39% or something!
Doing a balance transfer was not an option as my credit is bad- credit score around 600 according to Credit Karma.
I felt like giving them a good rating but called after my account was closed and found out they are STILL charging me an 8 a month fee !! What the?!
Also, on 2 other credit accounts that I have, Discover has given my grief. I tried to negotiate over the phone with them and had very little success and the DMP says they can only lower my percentage rate to the low teens. 🙁
At least I will able to get my Finger Hut credit card down to 0% after enrolling in the program. Strangely enough, FingerHut just increased my credit line (trying to get me to buy more overpriced crap). This increased my credit score overnight by 15 points according to CreditKarma. So, not all bad news. 🙂
First Premier has caused me problems. I’ve called them back today. Demanded that they had to give me my account number (which they could not give me after I closed out my account and the DMP requires) if they intended to collect a debt from the DMP.
For security purposes they can’t. I said for security purposes I verified my SSN! I got a fax and correspondence to send requests for it. So. Dang. Aggravating! The account is closed!!! They changed the number when they closed the account she said.
Anyone have any suggestions on how to deal with my Capitol One card debt?
I just called them and told them I was a single mom going through and divorce and they only brought my rate (APR) down from 22 to 19%. 🙁 But the rate reductions is only temporary as it goes back to 22 after only 7 months!
They didn’t say what exactly if they have a financial hardship program-just that they have a”program”. I mentioned covid (but I am still unemployed).
Also, I did not open the account- my ex did. I am working to take care of my debts (actually mostly his debts) without doing credit counseling or bankruptcy. Was hoping that might get things moving, but no such luck.
Not a big Cap One fan at the moment…would give them a poor rating. I’ve never been late on payments.
I signed up for the experian boost to help my credit score and to maybe qualify for the best 0% balance transfers (did not sign up for self lender).
The interest on self lender at the lowest level was 12% and there’s no way to recoup that from a CD at my local credit union.
I have two car loans and seven unsecured credit cards that I never miss a payment on. I do at least have good payment history. My issue is my debt ratio is too high. I really need like a $2000 credit card that I don’t use. 🙄
Here are the results from trying Experian Boost: they scanned my bank (aka credit union) statements for repeat utility payments. It didn’t care whose name it was in (whether in the name of my landlord or husband). Boost did gave me credit for entergy, att, and sprint. But it didn’t raise my score because my debt ratio is at 86%. Crud!
It’s okay, though because even though my score didn’t increase, my credit improved I think…at least based on my opinion and hopefully of a lender that manually reviews my credit reports. 🤔
Have Discover card debt, but my credit is not good enough to do a balance transfer. My score is 620ish. Depends on which bureau is pulled- 620 or 625. Looks like it fell almost 60 points in January and I’m not sure why! I need to look into that.
I called and spoke to two managers and Discover did agree to do a 12 month 6% reduction in my interest rate with card suspension. Which will help but, ugh. How about a 20% reduction? 😇 My rate was has been over 20% and this only decreases my rate to upper teens. 🙁
Anyone know what Discover’s standard APR is for Good credit? My credit score is still low, but I don’t have any missed payments-I don’t think it ever with them.
My credit reports are showing 2 months of no payment on one other card account, but it’s because the balance was zero?! I have 4 late payments overall in 7 years. I disputed this through the credit bureaus directly. We shall see.
A few consumer tips that I’ve learned as I’ve researched the longest 0% offers that I could possibly get. I’m now doing a Bank of America; done Chase, Wells Fargo, now BofA
BT offers are good, but the Biggest thing folks should be ware of (consumer beware) is it that it takes at least 2 weeks for a transfer to hit (i.e. to fully complete the process and pay off the other card).
So, it’s Best to do the transfer right after you pay your current bill (of your existing card) so you don’t have to pay the next one. This makes it a cleaner process.
I got a 12-15 months 0% offer from BofA that I jumped on though my online banking account – I had 2 B of A cards and both had no balance so they tried to give me a special teaser rate promotion. 3% transfer fee applied.
Same thing happened with Chase- I had the amazon Visa and Chase slate Visa. Paid slate off and now they are sending emails and letters wanting me back! 🙂
My wife and I normally charge 6-8K in new expenses and then do a BT and pay it off in 6-12 months. Normally pay much more than the minimum payment every month (500-1K payments).
And normally do this for Big expenses like an hvac system for townhouse we rent out. this strategy helps with cash flow and helps us avoid finance charges- we’ve done this for 2-3 yrs now.
And we will likely incur more debt for our daughter going to college this fall. So, will keep doing this as long as we can!
anyone have any tips ?
I Got a 0% Home Depot store card and
Its Almost paid off ! Thank the lord. 😉
I’ve had it 3-4 yrs and have financed things like a weed eater – down side is it has a high rate ever Since the 0 percent teaser rate ended.
I normally get it paid off and will buy another lawn and garden product. No perks on this card though. ;(
Lowe’s retail card strangely turned Me down, which is why I applied for Home Depot card soon thereafter and got approved
– guess their credit standards are different?.
Got good news!
One of the bad credit card cards (can we say subprime!) I was gifted during my divorce (Aspire) which has a thousand dollars charged to it has given me zero percent interest until I pay it off if I don’t use it for purchases or cash advances (again until it’s paid fully), as long as I make a minimum payment of $20 month bc I didn’t open the account (my ex did). 😱
I would like to have those terms in writing from them. Anyone else get a zero for life offer like this? May be due to corona virus (covid 19), as I know this card does not have a good reputation. Am shocked!
Thanks for your post Brittany! We’ve known about the Aspire Visa for quite a long time – I’m surprised they did that – as you said, they don’t have a great reputation.
Keep us posted – thanks an amazing offer- way to negotiate! 🙂
Quite welcome. It looks like my ex got a capital one, then discover, then when he started getting in trouble he started adding whatever crap cards (for bad credit) he could get and used his square account to get cash back off the cards.
I didn’t have to do much-just told them what happened and they did it. I certainly didn’t expect 0%, but to also give me a super low minimum due payment at zero- what a blessing ! I know they are a really high rate card normally.
I reread it like 10 times to make sure. And it’s on auto pay but it also says no over limit or late fees for the life of the payoff! Cha Ching!
Very Interesting article about Chase Bank, which has some great balance transfer offers (slate in particular) forgiving all credit card debt in Canada- wow this is shocking !
And refreshing given the fact that many consumers think big banks are evil 👿.
Scratching my head on this – debt cancelled over night – now if chase would only do it for US customers ! 😉
More info here :
https://www.usatoday.com/story/money/2019/08/09/chase-bank-canada-forgives-all-credit-card-debt-customers/1964419001/
All-
Just saw an interesting low intro transfer rate offer as low as 4.99% (your actual rate varies based on your credit rating) at my local credit union- an APR which isn’t really great.
But what caught my attention was that there was no expiration date – i.e. it was not a teaser rate and remained in effect for the life of the balance transfer (until you paid the balance off)! Wow. I think that is a pretty good offer especially for those wanted to pay off their balance over a long term.
The only potential downside that I saw in the terms and conditions was that you could only use 85% of your credit line, which I had never heard of before. Anyone seen that before?
Another interesting source for an offer that you may have not considered.
Just logged in my existing American Express card account and the following low intro purchase rate (doesn’t look like it applies to transfers) pop up:
“You’ve been selected to enroll in a 1.99% promotional APR for 9 billing cycles on new purchases. Enroll today. Terms apply. Enjoy more flexibility for big purchases Save money on interest charges”
Anyone else seeing similar offers?
Got an interesting money saving holiday offer from Discover (I am a current customer). It is for a 1.9% promo purchase APR for 12 months and I must activate the offer by 12/31.
The standard 14.74% variable purchase APR applies after the 12 month teaser rate.
Hmm- nice gift for Christmas! 🙂
Got a offer in the mail for the Commerce Bank rewards Visa credit card balance transfer (0% intro rate APR for 12 billing cycles and applies to purchases too).
The length of the offer isn’t great, but what is attractive is that there is no balance transfer fee (for transfers done when you apply-a steep 5% fee thereafter).
Anyone familiar with this bank card? Unfortunately the offer expired on 12/27. ;(
Just got a notice from American Express Blue Cash Card (existing card member) that I am eligible for a low promotional APR of 1.99 for 9 billing cycles. Unfortunately, does not apply to balance transfers. But will be nice for a larger purchase item that I can pay out over time.
Pretty cool though as I can approve this offer simply through the QR code- so really easy. Or you can call customer service number of course.
One thing I would like to share with everyone is the last time I tried to apply for a balance transfer card I didn’t qualify (didn’t get approved).
Your readers should know that it’s not super easy for people to get these offers if yiu don’t have excellent credit. I have a 750 credit score and a background in credit and still didn’t get approved.
My husband has a card he needs to get paid off. I believe it was capital one that denied us (other insurers may have different credit requirements).
Open to any advice.
Just wanted to share with everyone an interesting fixed APR balance transfer offer I got in the mail recently (be sure to not always shred those mail solicitations so quickly!) for an existing Visa card we have with First National Bank of Omaha.
The unique thing about this offer is that it is not an intro rate offer, but rather is amazingly a fixed rate for the life of the transfer- meaning it has NO expiration date! These type of offers used to be more common many years ago, but rare these days. The other nice thing is there is no balance transfer fee! 🙂
The downside is that this is not a 0% rate, but rather a 6.99% rate, which is a really good ongoing purchase rate today (but the Feds could be cutting rates going forward). However, 6.99 is not a good rate when compared to 0% of course. It just all depends on what your looking for and how long you think it will take you to pay down your balance.
Also, the balance transfer checks I go can be used not just to pay off high rate credit cards, but also to pay down loan balances and to help consolidate debt on store brand cards.
Hope this helps…
I have a word of caution about 0% balance transfers
Offers. I have done card transfers for years but always
Try to double check everything as I know mistakes happen –
I have had problems with American Express.
At any rate I requested a transfer to a Citibank card for 0 percent
For 6 months from a an existing Debt on a Simmons Bank card and
Did the request well before the payment due date.
I got suspicious when I logged in to my Simmons account online
The day before my payment was due and noticed that Citibank
Had not paid anything on my Simmons account! ;( They actually paid Capital One, the WRONG card issuer!
Wow- not sure how this happened, but they had to stop payment on their check to Cap One and it has caused me stress as you might expect. So, BIG Word of caution- verify everything when you do a 0% transfer- it’s a great way to save money and can be a very automated process, but the process is not human proof!
Wanted to share my low intro purchase rate story – did not do a balance transfer.
I was promised 0 percent interest for six months and was late be 10 days and they immediately moved me to 18 percent!. I’m still not quite sure how the truth in lending act allows this to happen???
This was a store card called Restoration hardware, trying to remember what bank they cleared through. At any rate, was financing some furniture.
I paid the card off and done with them – thank God I was able to or I would have been in a fix ! 🙁 Lesson learned – don’t be late !
Wanted to share that some good deals come in the mail to existing customers, so don’t always trash that junk mail!
I have a 0% rate offer from a Toyota Credit card that expires soon and will go to a high 16% rate once the introductory period is over.
So my plan is to transfer the balance soon to Chase British Airways Card on a 0% No fee transfer offer that came in the mail (existing card that I already have) for 12 months.
Ive had the card for 5 years. Super card. Have 81k “Avios” points. Those are British Airlines points. Enough for a free ticket to England but want to build more to fly to Sri Lanka one day using those.
Of course, I won’t use the card for new purchases anymore after I do the balance transfer.
I agree on checking mail solicitations for good 0% rate offers. I just got one in the mail from Citibank (I’m an existing cardholder) that is giving me 0% on purchases only (not balance transfers) for like 12 months.
if I would have trashed this as junk mail, would not have seen this offer.
They also sent me an offer tied my credit card line of credit called the new Citi Flex Loan, which looks really interesting. Has a fixed APR of 9.99% with no fees (no origination fees).
You choose the the loan amount you want (up to your current credit line) and choose your payment terms. You don’t have to apply and not credit bureau check. 🙂
Not 0% for sure, but you get to pay it off over a much longer term than 12-18 months. Probably won’t do it, but thought it was worth sharing!
Wanted to share my 0% introductory rate offer story – I financed a guitar through Synchronoy Bank (had to be certain type of guitar like Gibson) for no interest for 48 months and was given like a $1500 credit limit.
I recently paid off that guitar and have since financed a few more guitars through the same credit line at a 0% rate for a 6 month term.
The way they set their minimum payments up, you basically will have the full balance paid off before the promotional no interest rate special expires – so it’s been a sweet deal as long as I make the minimum payment!
Wanted to pass on a tip about a 0% interest rate offer on purchases from Bank of America that I applied for A couple of years Ago.
So, I bought quite a bit of things during first year and then paid everybody off at end of year (once the one year no interest special ended).
Now I pay off the balance every month and get rebates. The rewards I’ve gotten from them are based on purchase deals!
Hope this helps …
Have a lesson I’d like to share about balance transfers credit card offers. I rarely carry any credit card debit and, in fact, rack up a lot of reward points on my Royal Caribbean card that we love.
At any rate, I had to help finance 2 weddings (father of the bride!) and put a lot of the expense on my card hoping to get points.
Unfortunately, I maxed out my 12K card limit (which I understand can bring down your credit score) and it took me a few months to pay off the debt from the 2 weddings. During that time I paid the standard 15% purchase APR rate and it took me about 6 months to pay off.
The weddings were less than 3 months apart!
Well, needless to say, I paid much more in finance charges than what my reward points are worth. In hind sight, I sure wish I would have taken advantage of a low introductory 0% transfer offer or a 0% purchase rate on another card.
Lesson learned…at least I got my daughters married though!
Had a interest balance transfer story I’d like to share. We took advantage many years ago of a 1.99% balance transfer offer from Capital One, but back then they had a few offers that did not expire after 12-24 months. This one actually never expired!!
So we have been paying off the balance for probably 10-15 years at a super low rate. It’s truly amazing- love betting the banks at their own game!
This information comes at a very important time because my credit card bill is due today but I was only going to partially pay it. That would be great if I could transfer it and avoid having to pay any late fees for the month. Always pay at 100% in full but this month is slow.
but the credit card that it’s on is a Chase card so I don’t know if they’ll let me transfer it from Chase to Chase
Thanks for you comment about the Chase Slate card (I assume that’s the one your talking about). You are correct in that you can not do a transfer from one credit card company to another card issued by the same credit card issuer. 🙂
However, take a look at the American Express Everyday Card, which also offers a 15 month 0% no interest no fee balance transfer offer. You have a good change of getting approved if your credit is good.
Hope this helps! 🙂
They approved me instantly online, like in 60 seconds, and gave me a credit line of around 5,000, which wasn’t as much as I had hoped for, but will be enough to transfer the $4800 or so balance from my existing card and not be totally maxed out (I have heard that maxing out your credit line can decrease your credit score, but I’m focused on
paying off my debt). 🙂
Word of caution! It takes a while to pay off your balance on your old card, so would suggest you give yourself 10 business days or so and don’t wait to the last day or two before your payment is due. I made the mistake of waiting until the last min and got dinged with a bit of interest charges and then also got a late fee from the card that I was transferring from (though they were gracious enough to waive the fee after I called them).
Thanks again!
We transferred a balance from a 0% credit card offer that we had bought a shower on (department store card that had retroactive interest) and thankfully avoided getting hit with any interest.
But be very careful! If you don’t pay in full by end of 0% period, you’ll be hit with finance charges from day 1! 🙁 We actually overpaid, but will hopefully get a check in the mail for the credit balance.
We transferred to the Citibank Simplicity card and like that it’s on the longest transfer offers on the market, but weren’t crazy about paying the 5% fee. 🙁
I didn’t do a balance transfer, but took advantage of a 0% credit card offer from Guitar Center (Synchrony Bank- they are sketchy) and it’s worked well.
My credit score is around 650- was higher, but I got behind on one student loan (and didn’t realize it). 🙁 I check my score on a regular basis using Credit Karma for free.
Got approved for a higher line that the guitar I was trying to buy, so not totally maxed out, which is good.
The nice thing about this offer is that the payments are deducted each month from my checking account and will be paid off when the 0% offer expires- so no retroactive interest! 🙂
We took advantage of the 15 month Chase Slate 0% transfer credit card offer last fall and am enjoying the no transfer fee.
But customer service is lacking big time. I Called recently and customer service rep didn’t know when my 0% offer expired. 🙁
Believe it or not, he started counting months verbally on phone and told me incorrectly that my 0% offer expires in oct 2019- he was quite confused about ending date – gave me few dates of expiration before he got his final answer.
By comparison, When I called Well Fargo about my balance transfer card with them, they quickly told me the exact date. 🙂
Never the less, would give it 4.5 stars.