No Fee Balance Transfer with 0% APR

You will encounter many credit cards that offer 0% APR on balance transfers. You will not, however; run across many credit cards that offer both Fee Free Balance Transfer and a 0% APR. Many credit cards will charge you anywhere from 3% to 5% transfer a balance. That means to transfer $3,000 you will pay anywhere from $90 to $150. That’s not a very good deal if you’re looking to maximize your money towards debt. There are a few fee free BT cards out there. Two cards mentions here are the Chase Slate and Discover More:

Whenever you apply for a credit card with a specific purpose in mind, make sure you read the terms carefully. 0% APR can have many meanings… Hopefully, the card offers 0% APR on both balance transfers and purchases, but sometimes it may only apply to purchases or balance transfer. Read the terms carefully! For example, the Sallie Mae 2% cash back card only offers 0% APR on balance transfers, but not for purchases.

A good strategy to pay the minimum on the fee free 0% BT card and schedule to pay that debt off by month 11. On a $3,500 balance transfer, perhaps you can pay the minimum of $50 per month, then pay the remainder of $3,000 on month 11. While you pay your minimum, you would be redirecting your debt payment towards the highest APR credit card, or the card with the lowest amount owed if you believe in Dave Ramsey. If you have not paid off your debt completely by month 12, you want to evaluate your payment strategy again based which card has the highest APR, or again Dave Ramsey method to pay the card with the lowest balance regardless of APR.