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.
How do 0% APR balance transfers work?
There are many credit card issuers that offer, what is called, an intro 0% APR period. As an incentive for you to transfer your existing balance to the new card, the credit card issuer will offer you an introductory 0% APR period for as much as 21 months! You will be paying ZERO percent interest for the entire 21 months!
Balance transfer fee
Most credit cards charge a slight fee to transfer a balance. It’s usually about 3% (you can always see the fee clearly displayed on our website for each card.
A 3% fee to carry a balance interest-free for up to 21 months is extremely cheap. But paying no fee is even better.
Here are two credit cards that offer 0% APR for 12 months on balance transfers and don’t charge any balance transfer fee.
1. Edward Jones Business Plus Mastercard
Intro 0% APR: Get intro 0% APR for 12 months on balance transfers (after that 19.24% to 29.24% variable).
Annual fee: $25
Balance transfer fee: Balance transfers are free for transfers completed within the first 60 days. After that, your fee will be 3% of each transfer ( minimum $5).
2. The Edward Jones World Mastercard®
Intro 0% APR: Get intro 0% APR for 12 months on balance transfers (after that 17.24% variable).
Annual fee: $0
Balance transfer fee: Balance transfers are free for transfers completed within the first 60 days. After that, your fee will be 3% of each transfer ( minimum $5).
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