When it comes to cash advances and balance transfers, there are a few good credit cards that offer the benefits without the high interest costs. It is important to read the terms and conditions on any credit card offer to see if there are any extra fees or charges. The APR is the annual percentage rate and is what puts the final number on the amount you will be paying. There are many different credit card offers and the annual percentage rates are usually listed first along with the introductory or promotional rates. Here we will look at some of the no balance transfer offers with no annual fee and no balance transfer fee.
Balance transfers are a great way of reducing your monthly outgoings. For this reason, they are particularly useful for those who carry a large balance each month. The balance transfer fee charged is generally low, so you could even save money in the long term. Balance transfers are usually available for a limited time period during the introductory period, which is usually 2 months to a year. During this time you will not be charged any interest but you will have to pay an annual fee if you wish to cancel your new card.
If you cancel your card before the introductory period ends then you will be subject to a late fee charge. This is regardless of the reason for the cancellation, such as a change of address or an accident. You may also be hit with an additional charge for any amount that you are due to pay over the due date, regardless of the amount you owe. Withdrawal fees are assessed according to the amount of cash withdrawn and you can avoid the high level of charges by ensuring that you pay off your balance as quickly as possible each month.
If you are unable to keep up with your payments then you may find that you no longer have access to this special no balance transfer offer. The entire balance of your old card is transferred to your new card. You will not be charged any fees for transferring the balance and you will only be charged an annual fee if you decide to cancel your new card before the introductory period ends. At this point, you must return all outstanding balances to your original credit limit.
No balance transfer fee credit card offers are currently only available to people who have an open and active account. It is not possible to take advantage of these offers if you are carrying a balance on an account that is closed. It is also important to note that the transfer fee cannot be refunded if you were to choose a new introductory interest rate after the transfer.
Many people consider that this type of balance transfers are perfect for those who are struggling to make the monthly payment required. However it should be noted that the no transfer fee charged by some issuers could reflect an increased annual fee. Therefore you should always check this fee ahead of making any applications. In addition, you should only use this type of offer if you are able to pay an amount more than the balance transfers made.
If you are looking for no balance transfer credit cards, you should look carefully at the terms and conditions associated with each one. This will enable you to determine which ones offer the best terms. While you may find introductory 0% rates on these cards immediately, you should ensure that you can actually afford to make a monthly payment.
In summary, you need to remember that these kinds of offers are only open to those with credit cards that are currently paid in full. Therefore you should transfer any current balances from other cards before making an application for no transfer fee credit cards. Only then should you consider applying for these kinds of cards.