Find a Credit Card with no Transfer Balance Fees
Transferring credit card balances can save consumers a lot of money, especially when the balances are paid off relatively quickly upon transfer. Just as importantly, the debt should ideally be moved to a card with a better interest rate and no balance transfer fees. The list of credit card issuers that charge no fee for this service has definitely shrunk during the “credit crunch” era. However, there are still a few options available:
Amex Starwood Preferred card: This card allows you to earn points towards free hotel stays and upgrades, as well as frequent flier miles and other travel benefits, including insurance. You can even save on shopping with retail partners, and receive entertainment discounts. There is no annual fee for the first year.
Iberia Bank Visa: None of the classic, gold, or platinum visas carry an annual fee. There is a 25-day grace period, and 0% APR on transfers for the first six billing cycles. The gold card comes with a cash-back program; the platinum works on a bonus point system. Both come with travel insurance.
Pulaski Bank Visa: The introductory APR is 6.5%, with 0% APR for the 1st 6 billing cycles on balance transfers. There is a 25-day grace period, and there is no annual fee.
Of course, excellent credit is required to obtain these cards.