No Balance Transfer Fee

When looking for best deal credit cards, one feature many people desire is a no fee balance transfer. With this benefit, account holders can transfer a balance due from another account or credit card over to the new credit card with no fee charged for that transaction. The main reason people want to have a no balance transfer fee credit card would be to take advantage of moving debt from a high interest credit card to one with a lower interest rate.

Moving money from one card to another is almost a game with some people. They open a 0 balance transfer no fee credit card and shift debt to it until the time period for a low interest on the new card expires. This game keeps up until they either run out of credit card accounts to open up or until the debt is finally paid off. The ultimate goal is to find low interest and not rack up any fees for moving the debt balances around from card to card.

Of course, if the card that offers a balance transfer no fee option remains at low interest, the debtor will leave it alone. The minute a better offer comes up, they move the debt again. This game is only open to those persons with good to excellent credit. Opening up new credit card accounts is not a piece of cake operation. Persons who have less than good credit will always get stuck with the higher interest rates and high fee credit cards.

So, why do credit cards feature a no balance transfer fee option? Because they know that people play the balance transfer game. They can gain new customers by stealing them from the competition. Then they can play their game of fee for this, fee for that, and penalty too. Many times the 0% on balance transfers offer is a one-time deal. People can only do the game when they open the card. Subsequent balance transfers cost more.

To locate a no balance transfer fee credit card, go to a website that does comparisons of credit card offers. They will show a simple chart that makes it easy to see the various credit card offers and decide which one will work best for your financial needs.

At Bankrate.com the top credit cards listed that feature the no balance transfer fee option are:

• Citi Platinum Select Master Card – ad says 0% up to 18 months, 9.99% interest; small print says upon credit review could change to 0% for 7 months, 19.99% interest.
• Discover More Card – ad says 0% up to 12 months, 11.99% to20.99% variable interest; small print says transfers take 4 weeks, credit limit may be less than amount you want transferred, there is an amount limit for balance transfers, no grace period on balance transfers and they charge an extra $40 above your regular payment.

Obviously, one must read all the small print to fully understand what one is getting into with no balance transfer fee credit card offers.