0% APR Plus No balance Transfer Fee Cards – What’s Left?

gravatar- Apr 26, 2020Credit Cards, Debit0 comments

As we have already discussed many times on the blog, balance transfers are a great way to save on interest in a case where you are stuck with a high credit card bill, or even if you just want some extra cash to purchase a home.

Last week we got some bad news. The Chase Slate credit card suddenly disappeared from the chase website with no warning. The Chase Slate card was a great credit card letting you transfer balances with no fee. And then the BankAmircard for students which also featured $0 balance transfer fee disappeared as well. But let’s not cry over spilled milk. Let’s check out what is left.

Here are a few credit cards that are still available and don’t charge a balance transfer fee.

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Amex Everyday

  • Intro 0% Apr for 15 months on purchases and balance transfers – No balance transfer fee for the first 60 days.
  • Welcome Bonus: Earn 10,000 points after $1,000 spent within the first 3 months (terms apply).
  • Annual fee: $0

What you need to know:

  • You cannot transfer balances from other credit cards issued by American Express
  • To receive the Intro APR offer, transfers must be completed within the first 60 days of account opening
  • Amex will limit the amount you can transfer to $5,000 or 75% of your credit limit, whichever is less.
  • Beware: If you make a late payment or a payment is returned, then a penalty APR may apply and you may lose the Intro APR Offer

The Avianca Lifemile cards don’t have a zero balance transfer fee but they have a very minimal fee of max $10. So lets list them as well.

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Avianca Vida

  • Intro 0% APR for 12 months on balance transfers – max $10 balance transfer fee
  • Welcome Bonus: Earn 20,000 miles after making the first purchase.
  • Annual fee: $59

What you need to know:

  • To receive the intro APR offer, transfers must be completed within the first 90 after account opening.
  • Beware: If you make a late payment then a penalty APR may apply and you may lose the Intro APR offer.
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Avianca Vuela

  • Intro 0% APR for 12 months on balance transfers – max $10 balance transfer fee
  • Welcome Offer: Earn 40,000 miles after making the first purchase.
  • Annual fee: $149

What you need to know:

  • To receive the intro APR offer, transfers must be completed within the first 90 after account opening.
  • Beware: If you make a late payment then a penalty APR may apply and you may lose the Intro APR offer.

What You Need to Know Before Making a Balance Transfer

Here is what you need to know before making a balance transfer.

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Penalty APR

Penalty APR is the APR you will be paying if you make a late payment. Before making a balance transfer, make sure you are familiar with how much the penalty APR will be. If you will end up being late (it happens to the best of us), not only will you be losing the intro 0% APR offer, but you may end up paying more interest now than what you were paying before you made the balance transfer.

Grace Period

When you make a purchase on a credit card, (as long as you pay your balance in full every month,) you will not have to pay interest on new purchases until after the due date on your statement. When you make a balance transfer, you will not be paying the balance in full by the first month. Remember that you will lose your credit card grace period and end up paying interest on your new purchases from the date of the purchases. (I recommend not making any new purchases on this card rather use a different card and pay it in full every month.)

Minimum Payment

Before making a balance transfer you will want to make sure that you will be able to afford the minimum payment amount. Therefore, make sure you are familiar with how the minimum payment is calculated on your new credit card. (You can find a list here.)

If you have any questions feel free to leave a comment and I will respond.

You can find much more 0% APR balance transfer options here

Stay safe!

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Sam Sam has nearly a decade's worth of experience educating his many readers on everything credit. Sam spends his days checking out credit cards for a full report, from the minute benefit details to the shebang of welcome bonuses. Plus studying the ins and outs of building proper credit. It’s his favorite pastime and he loves sharing it with others.

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