When my wife and I were digging ourselves out of credit card debt, we had a secret weapon–a no fee balance transfer credit card. At the time it was offered by Citi, and it allowed us to transfer debt to a 0% card for free. We not only saved money, but we got out of debt faster, too. But the problem with balance transfer cards over the last few years has been the fee. Every BT offer out there charged at least three percent, and some charged as much as five percent of the balance transferred. Today, however, the no fee balance transfer is back!
Chase has just launched a new version of its 15 months without a balance transfer fee. This allows the credit card user to move their balance from one card to this new Slate Card without being charged a 3% fee. Depending on just how much money needs to be transferred, the savings could be substantial.
So what’s the catch? There really isn’t one, but you should always check out the details. For example, once the intro rate on the Slate® from Chase expires, the APR becomes 11.99%-21.99% (Variable), depending on the applicants credit history. And keep in mind that only applicants with good or excellent credit will receive the 0% intro offer on purchases and balance transfers for the full 11.99%-21.99% (Variable). If an applicant with average credit should be approved, they’ll still receive the no fee transfer offer, but with a reduced intro rate of 0% on balance transfers only for six months. The Slate® from Chase does not charge an annual fee.
Signing up for another credit card when you’re already buried in credit card debt is usually a bad idea. But with this offer, it’s a great way to begin paying down debt. The key is to avoid going into more debt.
Published or updated May 9, 2013.