Looking for the best Credit Card option to transfer Approx. 18k balance
August 5, 2014 11:27 AM   Subscribe

Fell on some hard times in the last two years, blah blah blah... Anyways...We built up about $18,000 in credit card debt, with little savings left.... We are slowly getting back on our feet and would like to minimize the damage of interest that will build as we try and pay this card off...

What we would ideally like is the following: 1) 0% interest for 12 or 18 months? 2) a card that will transfer over such a large balance, and 3) no charge for transferring the balance....

I know their is a site out there that compares all the different cards and current offers, but was curious for personal opinions for those in the know, on what card our best option may be?

Much thanks
posted by TwilightKid to Work & Money (11 answers total) 1 user marked this as a favorite
Well, you're basically asking for free money. I forget what site I used, but I recently compared initial balance transfer deals myself. I think the only card I found with no transfer fee was the Chase Slate card. I wouldn't expect much more than 9 months with no interest, and the credit limit is going to depend on your income and credit score.
posted by stopgap at 11:31 AM on August 5, 2014 [1 favorite]

It ain't zero, but I've got a Visa through AAA with a 10% interest rate --- not perfect, but much better than 18%!
posted by easily confused at 11:35 AM on August 5, 2014


Also, you might be able to split it between multiple cards.
posted by chesty_a_arthur at 11:46 AM on August 5, 2014

Sorry, wrong URL: This one. http://www.bankrate.com/credit-cards/balance-transfer-cards.aspx
posted by chesty_a_arthur at 11:47 AM on August 5, 2014

Even if the rate is attractive (or zero, but that's rare nowadays), there is probably a 3% transfer fee to keep people from hopping all the time. Keep your eyes peeled for that.
posted by JoeZydeco at 11:49 AM on August 5, 2014 [1 favorite]

This is pretty unanswerable without knowing what kind of credit score you have. If it's less than perfect, it's probably going to be impossible to find what you're asking for.
posted by desjardins at 11:51 AM on August 5, 2014 [2 favorites]

you can try this calculator too: Nerd Wallet

I get sent quite a few 0% APR transfer offers (with a very good credit score, though), but I don't think I've seen with no fees. I could be wrong, though, as that's not something I'm particularly interested in so I don't necessarily check.
posted by geegollygosh at 11:52 AM on August 5, 2014 [1 favorite]

I would go talk to your bank/credit union and see what they've got in terms of debt consolidation loans, especially if you've got any assets to secure against. I have to think that the flexibility and open limit of credit cards adds something to what you pay for money from that source.
posted by straw at 11:55 AM on August 5, 2014 [1 favorite]

FatWallet Finance Forum Balance Transfer Credit Card thread.

I can't tell if that front page has current offers, you might want to start at the last page and work backward.

I have gotten a TON of 0% 0 BT fees offers this year. Off the top of my head, Discover, Barclaycard, Wells Fargo, FIA, Pentagon Federal Credit Union, and Alliant Credit Union. These offers tend to be targeted and only available for a short time though, so I don't know if they're still offering them, or if they're offering them outside of targeted mailings.
posted by rabbitrabbit at 12:03 PM on August 5, 2014

I have good credit. Every 0% introductory/balance transfer offer I've received in the past year has stipulated a balance transfer fee of between 3% and 5%, with the exception of one Discover card offer which had no fee. It was such an anomaly that I studied it closely, but yup, no transfer fee.
posted by de void at 12:15 PM on August 5, 2014

If you can get a Discover card, once in a while, they offer crazy deals. A friend of mine did a balance transfer years ago with a Discover card with no balance transfer fee and 0% interest *for the life of the balance* as long as he uses the card at least once a month. I think he set his cell phone bill to be paid by the card so he doesn't even have to think about it.

Also, are you a USAA member? They seem to have good credit cards. I don't know if this is a thing but if you get a card with rewards and transfer a big balance, does the transfer lead to rewards? That might make a balance transfer fee worth it if you get a really good cash-back deal but I'm not sure that's how it works.
posted by kat518 at 12:50 PM on August 5, 2014

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