Millions of Americans are finding themselves with a significant amount of credit card debt and no end in sight. Statistics show that consumers in the country own more than 6 million credit cards, and the average households own 3.5 cards. The average debt that United States consumers owe on credit cards is almost $16,000. Remember, that’s just an average, so a lot of folks are trying to pay down 20-30k in credit card debt!
In order to get out of debt, you might consider transferring a balance from higher rate cards. Of course, this is just a short term fix. The real solution is to learn how position yourself in a way that you don’t need to rely on credit cards to pay for emergencies. For some this even means cutting their credit cards.
But if you need a short term fix and you’re looking for a credit card without a balance transfer fee you are going to apply for a credit card, so don’t just pick any card. You need to choose a card with a no balance transfer fee and a reasonable rate. Here are a few options for you.
3 Credit Cards With No Balance Transfer Fees
1. Citi Diamond Preferred Card
The Citi Preferred card includes 18 months of introductory 0 percent balance transfers and purchases. The card does not charge an annual fee, and you will receive preferred treatment on concierge service when you book flights, hotel rooms or dining reservations.
You will also earn cash that can be used to offset purchases. You can redeem the cash for entertainment or merchandise. You can receive auto rental insurance, lost luggage assistance and travel emergency assistance. The card offers security precautions, and you will not be accountable for unauthorized purchases.
2. Slate from ChaseYou can transfer a balance at no charge for the first 15 months of membership. The card also includes no annual fee and a low interest rate. You cannot earn rewards for using this card; but, it is a good card to have if you are looking to transfer a balance.
This is an excellent card if you want to transfer balances. The card offers will transfer a balance at no charge, and you will not be charged an annual fee. Other advantages of the card include a 0 percent introduction rate on purchases, auto rental insurance coverage and 24-hour travel and emergency assistance. You can also earn rewards for travel, hotel rooms, car rentals and more. There are no blackout dates, and miles do not expire.
Transferring balances can be helpful if you want to consolidate credit card debt and if you want to receive a better interest rate on your credit card. If you receive a good balance transfer offer, make sure you transfer all of your credit cards to your new card. Before transferring a balance, look at all your balances to see if you can transfer all of your credit cards. If you find a good offer, complete the process online, and you can fill out the balance transfer information listed on the application. Make sure you pay off the balances from the transfer before the introductory period expires. Be careful to not fall back into debt after the balance has been paid.
Do you have any advice to share? What other credit cards would you recommend that have no balance transfer fees?