Credit cards often stand accused as being one of the leading causes of debt but used correctly, it's possible that your flexible friend could actually help you pay off what you owe.
There are lots of balance transfer no fee cards on the market which means that more of the pennies you pay goes towards getting rid of your debt, rather than being swallowed up by transfer charges. And you might just find that you are much better off in the long run, despite having a new credit card in your wallet!
We take a look at some of the factors you should consider in order to find the best no fee balance transfer credit cards.
0% balance transfer no fee cards are a thing of the past
If you were hoping to find a balance transfer no fee 0% interest credit card you will be disappointed as these are generally no longer available in the market.
If you find a provider willing to offer no fee balance transfers on credit cards you should check the rate of interest payable as unfortunately the chances are you will have to pay one or the other.
But that doesn't mean that balance transfer no fee offers are worthless. Although you will have to swallow interest payments, switching your debts under a credit card balance transfer offers no fee deal means that you can shop around for a provider who charges you less interest that your current card issuer.
What to look for when carrying out a no fee balance transfer comparison
The best credit card deals for no fee balance transfers are those which offer the lowest rate of interest, thereby allowing more of your cash to go towards clearing your debts.
However, when you compare balance transfer no fee credit cards, it's important to look beyond the headline rate as otherwise you could get caught signing up for a deal which works out more expensive in the longer term.
There is lots of competition in the market for credit card for balance transfers with no fee and providers are competing against each other for business. This can only be great news for the consumer as this kind of situation drives down costs.
But providers know that offering a balance transfer no transaction fee isn't enough to attract customers so many offer introductory rates of interest too. This can mean that the APR on your balance transfer is very low but after the introductory period expires, it can shoot up. You might even end up with an interest rate higher than what you are already paying!
Therefore, particularly if you plan on using your card for new purchases, it's essential to check what the interest rate is for new spending as well as how long the introductory deal will last before reverting to the 'normal' APR.