No Fee Low Rate Balance Transfer Credit Cards

These type of credit cards are becoming more and more popular now and can be handy for customers that are not able to get interest free balance transfer deals on other cards.

They way it works is that the Credit Card company will offer you a balnce transfer at a very low rate usually below 10% typically around 6.5%. There is no transfer fee which is usually in the region of between 2% and 3% of the balance. If you are transferring a lrage balance the savings on the fee can be quite substantial. Currently the best life of balance transfer card, as they are called is the Barclaycard Platinum Credit Card.. They offer a very low 6.5% on any balance you transfer. You are usually allowed to transfer up to 90% of your credit limit.

You will get the usual benefits like 0% on purchases and the APR is also typically low. These card are handy if you want to consolidate some of your other card balances to a much more competitve interest rate which will remain until you pay off the balance in full. An important thing to remember is that if you do take advantage of the 0% purchase offer is that what ever your higher rate of spending is will not be paid off until the low rate (blance transfer) amount has been paid off first. Cleary the Credit Card Company wants to make more money from you knowing that they will make bigger returns from your purchases while your balance transfer amount gets paid off over time.

Some Life of Balance Transfer Cards do actually charge a small fee like the Citibank Life of Balance Credit Card, they also have a competitive APR of 6.5% but if you are trasferring a large amount then the fee may hinder you from taking up such an offer.

0% Balance Transfer deals are still widely available so if that is what you are looking for then you will usually find Virgin Credit Card or any of the MBNA Cards will have these types of offers available. Nowdays it will depend largely on your credit history whether you are approved for these type of deals.