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Medical Bill Debt Forgiveness: How to Reduce Your Hospital Bill

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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Health problems put a strain on your quality of life, and that stress can be amplified by unmanageable medical bills. In many cases, however, it’s possible to get hospital bills reduced so that at least some of that debt is forgiven.

The best way to appeal for medical bill debt forgiveness is to get in touch with your hospital’s billing department. From there you’ll be able to see if you qualify for any debt-reducing strategies like financial aid programs or discounts on your medical bill.

How to ask for medical debt forgiveness

It’s normal to feel stressed or worried if you receive a hospital bill in the mail that you can’t afford to pay. But you’re not alone: About a quarter (26%) of Americans reported difficulty paying medical bills, according to a 2016 Kaiser Family Foundation survey.

Hospitals are used to dealing with patients who can’t afford to pay an entire medical bill, which is why they often offer a variety of ways to reduce medical costs, such as:

  • Financial assistance for patients who are uninsured or underinsured
  • Discounts for paying upfront
  • Interest-free payment plans

If you plan to ask your hospital for help reducing your medical bill, consider taking the following steps:

1. Check your hospital bill for errors

Medical bills can often have errors, so carefully check your bill first before asking for any kind of reduction. After you receive your care, you’ll receive a bill from your hospital and an Explanation of Benefits (EOB) from your health insurance company. An EOB is not a bill — it’s a statement from your insurer that details what the medical services cost, how much your insurer covered, any discounts you received and what you might eventually owe to your provider.

To check for potential errors, ask your hospital’s billing department to send you an itemized bill for your care. It should list each procedure you received, as well the appropriate insurance billing code. Check this bill against both the original bill you received and the coverage you receive with your insurance plan.

To see what your plan covers (or doesn’t), ask your insurer for a Summary of Benefits and Coverage (SBC), as well as a copy of the glossary of health care terms that insurers are now required to provide to consumers. The SBC should spell out your share of the costs for any medical service you received (your coinsurance), any deductible you might need to pay first and possible copays, as well as your out-of-pocket payment limit.

Here’s a quick look at the documents you’ll need to either confirm or dispute the cost of your medical service:

Documents from your hospital providerDocuments from your health insurer
  • An itemized bill from your visit
  • Explanation of Benefits (EOB)
  • Summary of Benefits and Coverage (SBC)
  • A glossary of health care terms

Your hospital may have billed you in error if…

  • You were charged for preventive care.
  • Your insurance denied a claim they should pay out.
  • You were double-billed.
  • Your service was coded incorrectly.
  • Your personal information or insurance information was entered incorrectly.

If you discover you were charged for a service that’s covered by your plan, contact your insurer right away. If you disagree with your insurance company’s decision not to cover a certain service, you should also submit an appeal as soon as possible. To learn more about your insurer or to file a complaint, contact your state’s insurance commissioner.

2. Ask your hospital if you qualify for financial aid

Federal law requires nonprofit hospitals to offer financial assistance programs, as well as information on how to apply for help. Eligibility criteria for these programs, however, is at the discretion of the hospital.

About half of all states have laws that spell out the type of financial assistance a hospital needs to offer, as well as who, according to family income, is eligible to apply, according to the National Consumer Law Center.

The laws vary according to the state, but they typically mandate that hospitals need to provide assistance like free or reduced-cost care, or an interest-free payment plan, to patients who are uninsured or whose income is at or below the federal poverty level (FPL). The current FPL for a family of four is $26,200 for residents of all states (except for Alaska and Hawaii) and the District of Columbia.

See the chart below for a look at how some states determine who qualifies for lower-cost medical care, based on a four-person household.

Who qualifies for lower-cost medical care?
CaliforniaFree or discounted care for patients at or below 350% FPL (now $91,700).
ColoradoDiscounted care for uninsured patients at or below 250% FPL ($65,500).
ConnecticutFree or discounted care for uninsured patients who do not qualify for Medicaid, Medicare or other coverage, and who are at or below 250% FPL.
MarylandFree care for patients at or below 200% FPL ($52,400).
Discounted care for patients between 200% and 300% FPL ($78,600).
New YorkNo more than a nominal fee charged to patients who are at or below 100% FPL. Discounted care for patients between 100% and 300% FPL.
WashingtonFree care for uninsured patients at or below 100% FPL.
Discounted care for patients between 100% and 200% FPL.
FPL = Federal Poverty Level. Click here for the current FPL guidelines.
Tip: Even if you’ve already had a hospital stay, depending on the state where you live, you may be able to sign up for Medicaid and have your medical bill paid retroactively for the previous three months. For more information about Medicaid eligibility, visit Medicaid.gov.

3. Negotiate your own settlement with the hospital billing department

If you don’t qualify for financial aid at your hospital — and still can’t afford the cost of care — consider negotiating your bills with the hospital’s billing department. More than half (57%) of consumers who tried to negotiate their medical bills were successful, according to a 2018 survey from Consumer Reports.

To negotiate medical bills, try these tactics:

  • Offer to pay a discounted amount upfront in a lump sum, and say you’ll do it immediately. Example: “I’m prepared to pay this bill today for a 25% discount.”
  • Compare the cost of the service you received to prices listed either by your insurer, or those listed at a third-party website like Healthcare Bluebook. If you’ve been overcharged for a service, you can use it as leverage.
  • Be transparent about why you’re asking for help. If you’ve recently lost your job or suffered a sudden change in health care needs, your hospital will probably be more willing to negotiate.

Paying off your medical bills

Enroll in an interest-free payment plan

Your hospital may be willing to break your hospital bill into more manageable, interest-free monthly payments without a credit check.

Keep in mind that if you do enter a payment plan, you may no longer qualify for the discount you would have received if you had paid off your entire bill in a lump sum. These payment plans may also require that the debt be repaid in just one or two years, although some hospitals offer longer terms.

Be honest: Do not agree to a hospital payment plan if you can’t afford the monthly payments or require a longer loan term.

What is the monthly minimum payment on medical bills? It’s often assumed a medical provider won’t send a delinquent medical bill to a collections agency as long as you’re making some kind of monthly payment, however small — this is not the case. While there are no federal guidelines to determine the minimal amount you’ll need to pay, your provider will decide how much you need to pay, and if you disagree, you’ll need to negotiate.

Pay with a 0% APR credit card

It’s possible to pay medical bills with a credit card, but keep in mind that the average credit card APR on interest-bearing accounts was 16.98% in 2019, according to the Federal Reserve. The exception: If you qualify for a credit card with a 0% APR introductory offer, you might be able to pay off your hospital bill over a longer period of time without paying interest. These offers typically last up to 18 months and are reserved for borrowers with good credit.

Consider this scenario: If you put a $3,500 medical bill on a credit card with a 16.98% APR, it would take you 21 months to pay it off in $200 installments, and you’d be charged $550 in interest.

Another option to consider is a medical credit card. CareCredit® credit card, for example, lets you spread out hospital bill payments while paying a lower interest rate, or a 0% APR for smaller hospital bills less than $1,000.

To take advantage of either option, you’ll need to make regular minimum payments toward your account and also pay it back in full before a special financing period ends. For a 0% APR, you’ll also need to pay your account back within six to 24 months to avoid paying the deferred interest that began to accrue once you began charging hospital expenses.

CareCredit® credit card quick facts
What is it?CareCredit® credit card is a medical credit card that offers special financing options, at either a lower interest rate or, for smaller bills, a 0% APR.
How does it work?Your provider may advertise the CareCredit® credit card as a way to more affordably finance your medical procedure. Not all providers offer financing through this credit card, so be sure to ask before trying to open a card.
Special financing options*Depending on the size of your medical bill, here is what you may pay in interest:

  • $200+: 0% intro APR for 6, 12, 18 or 24 months
  • $1,000+: 14.90% APR for 24 months, 15.90% APR for 36 months or 16.90% APR for 48 months
  • $2,500+: 17.90% APR for 60 months
Regular purchase APR26.99%
FeesAnnual fee: $0
Late payment fee: Up to $40
RisksYou’ll need to keep up with minimum payments. With a 0% APR promotion, expect to pay deferred interest at a 26.99% APR if your balance isn’t paid off before the promotion ends.
*Special financing offers valid as of Oct. 21, 2020

Get a personal loan

Personal loans can be used to pay for virtually anything, including medical bills. When you take out a personal loan, a lender gives you a lump sum that you repay monthly at a fixed interest rate over a set period of time. Since your payment is a fixed amount, you’ll always know how much you owe every month.

The biggest drawback to using a personal loan to pay for medical bills is that the lowest interest rates typically go to borrowers who have good-to-excellent credit. Here’s what else you should know about this payment option:

Using a personal loan to pay for medical expenses
ProsCons
Fast funding. Avoid your hospital bill being sent to collections.Interest. Lenders charge interest, while hospitals may offer interest-free payment plans.
Usually no need for collateral. This means you don’t risk losing assets if you default on the loan.Fees. Some personal loan lenders charge an origination fee, typically 1% to 8% of the loan amount.
Predictable payments. APR and monthly payments are fixed.Increased debt load. You risk taking on even more debt.

What happens if you don’t pay medical bills?

It’s a myth that you can pay as little as you wish on a hospital bill without consequences. If you don’t pay your hospital bill, you can expect:

  • A drop in your credit score. Once a bill is delinquent, your hospital will likely turn it over to a collection agency, and after 180 days, the agency may report that information to the three major credit bureaus. Even for a small bill, your score could drop by as much as 100 points.
  • Unwanted requests to pay up. Debt collectors are typically far more persistent than medical billing offices in trying to collect unpaid debt.
  • A possible lawsuit. It’s less likely you’ll be sued over a delinquent hospital bill than another type of consumer debt, like an unpaid credit card. Still, if you’re successfully sued over medical debt, expect consequences, like a possible garnishment of your wages or bank account until the balance is paid off in full.

If you can’t afford a medical bill, don’t wait until you’ve faced any of the situations above before taking action. Hospitals are often willing — and in many cases, required — to work with patients who can’t afford the cost of care. Get in touch with your health care provider as soon as you receive an unmanageable hospital bill, to work out a solution that doesn’t harm your finances or credit score.

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Balance Transfer, Best of, Pay Down My Debt

Best Balance Transfer Credit Cards: Intro 0% APRs up to 18 Months

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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If you’re carrying a balance on your credit card, you’re not alone. Fifty-nine percent of Americans carry a balance month-to-month, with the average balance $6,354 per cardholder, according to a study by CompareCards. Carrying a balance from one month to the next is never ideal, but it can happen to the best of us.

If your balance is incurring high interest charges, you should consider transferring your debt to a balance transfer card. These cards offer no or low interest and can save you a substantial amount of money. There’s often a 3%-5% balance transfer fee, but it can be worthwhile — just do the math to make sure by using this balance transfer calculator.

Most balance transfer cards require good or excellent credit, so you may not qualify depending on your credit score. It’s a good idea to check your credit score before you apply for a card, so you know which cards provide you with the best approval odds. LendingTree, our parent company, lets you view your credit score for free and provides insight into what affects your score and outlines steps you can take to improve it. If your score prevents you from qualifying for a balance transfer card, you can explore taking out a personal loan instead.

We’ve selected the best balance transfer cards from our database of over 3,000 credit cards, so you can find the card that best fits your needs — whether it’s a card with a long intro 0% APR period, no balance transfer fee, or a low promo APR for several years.

Longest balance transfer offers

When you’re looking to transfer a large balance, it may be in your best interest to choose a balance transfer card with a long intro period. Most balance transfer cards have intro periods of 12 or 15 months, but that may not be enough time to pay off your debt. Consider cards offering no interest for 18 or 21 months.

Here are some of the best cards:

Citi Simplicity® Card - No Late Fees Ever

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The information related to Citi Simplicity® Card - No Late Fees Ever has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Citi Simplicity® Card - No Late Fees Ever

Intro Purchase APR
0% for 18 months on Purchases
Intro BT APR
0% for 18 months on Balance Transfers
Regular Purchase APR
14.74% - 24.74% (Variable)
Annual fee
$0
Balance Transfer Fee
Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.
Credit required
good-credit
Excellent/Good
The Citi Simplicity® Card - No Late Fees Ever offers one of the longest balance transfer periods available: intro APR of 0% for 18 months on balance transfers. Additionally, the card comes with an intro APR of 0% for 18 months on purchases, which is helpful if you plan to use this card for more than just a balance transfer. After the balance transfer and purchase intro periods end, there’s a 14.74% - 24.74% (Variable) APR). Just know, this card charges a balance transfer fee of Balance transfer fee – either $5 or 3% of the amount of each transfer, whichever is greater.

Discover it® Balance Transfer

The Discover it® Balance Transfer stands out from other balance transfer cards by offering a rewards program: 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. While this is a great benefit, don’t let this distract you from your primary goal — getting out of debt, not earning rewards, so it’s best not to rack up new charges on a balance transfer card.

Wells Fargo Platinum card

The information related to Wells Fargo Platinum card has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Wells Fargo Platinum card

Regular Purchase APR
15.49%-24.99% (Variable)
Intro Purchase APR
0% for 18 months
Intro BT APR
0% for 18 months on qualifying balance transfers
Annual fee
$0
Balance Transfer Fee
3% for 120 days, then 5%
Credit required
good-credit
Excellent/Good
The Wells Fargo Platinum card also offers an intro 0% for 18 months on qualifying balance transfers, but this applies to new purchases as well. After the intro period ends, a 15.49%-24.99% (Variable) APR for purchases and balance transfers applies. The balance transfer fee is 3% for 120 days, then 5%. While this card has no rewards, you can receive cell phone protection up to $600 (subject to a $25 deductible) against covered damage or theft when your monthly cell phone bill is paid with your card.

No balance transfer fee cards

If you want to maximize savings with a balance transfer, you should consider cards that don’t charge a balance transfer fee. These cards can save you the typical 3%-5% fee most balance transfer cards charge. Just know, cards with no balance transfer fees often have shorter intro periods of 15 months or less. You can read our roundup for an extensive list of no balance transfer fee cards.

Here are some of the best cards:

The Amex EveryDay® Credit Card from American Express

The Amex EveryDay® Credit Card from American Express is a well-rounded card that offers an intro 0% for 15 months on balance transfers and purchases (after, 12.99% - 23.99% variable APR). In addition to the intro periods, you can benefit from a rewards program tailored to U.S. supermarket spenders where you earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

The intro offers, coupled with the rewards program make The Amex EveryDay® Credit Card from American Express the frontrunner among balance transfer cards. This card presents cardholders with the unique opportunity to transfer a balance and make a large purchase during the intro period without incurring interest, and earn rewards on new purchases.

Chase Slate®

The Chase Slate® offers the same 0% Intro APR on Balance Transfers for 15 months and 0% intro apr on purchases for 15 months as the previous two cards. After the intro period ends, there’s a 16.74% - 25.49% Variable APR. This is a no-frills card that won’t earn you rewards or noteworthy benefits, but can help you get out of debt.

Low rate balance transfer cards

If you think it will take longer than 21 months to pay off your credit card debt, you might want to consider a low rate balance transfer card. Rather than pay a balance transfer fee and receive a promotional 0% APR, these cards offer a low interest rate for three years or more. The longest offer can give you a low rate that only goes up if the prime rate goes up. If you can’t get that offer, there is another good option offering a low rate for three years.

Variable Rate Credit Visa®Card from UNIFY Financial CU

Variable Rate Credit Visa®Card from UNIFY Financial CU

Regular Purchase APR
8.99%-17.49% Variable
Intro Purchase APR
N/A
Intro BT APR
N/A
Balance Transfer Fee
$0
If you need a long time to pay off debt at a reasonable rate, and have great credit, it’s hard to beat this deal from Unify Financial Credit Union. The Variable Rate Credit Visa®Card from UNIFY Financial CU offers an ongoing 8.99%-17.49% Variable APR. Plus, there’s no balance transfer fee.

Note: Membership to Unify Financial Credit Union is required to open this card, but anyone can join through one of their affiliate partners, the Surfrider Foundation or Friends of Hobbs, at no additional charge.

Prime Rewards Credit Card from SunTrust Bank

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Prime Rewards Credit Card from SunTrust Bank

Regular Purchase APR
12.24%–21.24% Variable
Intro BT APR
3 year introductory offer at Prime Rate (currently 3.25% variable APR) on balance transfers made in the first 60 days after account opening.
Annual fee
$0
Rewards Rate
Earn 1% Unlimited Cash Back on all qualifying purchases.
Balance Transfer Fee
None for all balances transferred within 60 days of account opening, then $10.00 or 3% of the amount of the transfer, whichever is greater
The Prime Rewards Credit Card from SunTrust Bank offers a 3 year introductory offer at Prime Rate (currently 3.25% variable APR) on balance transfers made in the first 60 days after account opening. After, 12.24%–21.24% Variable APR. There’s also an intro balance transfer fee: None for all balances transferred within 60 days of account opening, then $10.00 or 3% of the amount of the transfer, whichever is greater. Beware, the low variable APR doesn’t apply to new purchases, and new transactions will incur a 12.24%–21.24% Variable APR.

Balance transfer card for fair credit

Aspire Platinum Mastercard® from Aspire FCU

Regular Purchase APR
8.15% - 18.00% Variable
Intro Purchase APR
0% Intro APR on Purchases for 6 months
Intro BT APR
0% Intro APR on Balance Transfers for 6 months
Annual fee
$0
Balance Transfer Fee
$5 or 2% of the amount of each balance transfer, whichever is greater
Credit required
fair-credit

Average

If your have fair credit, you may qualify for the Aspire Platinum Mastercard® from Aspire FCU. On their site, Aspire states a “fair to good credit score [is] required.” This is good news for people with less than stellar credit. However, the balance transfer offer is significantly lower than cards for good or excellent credit — 0% Intro APR on Balance Transfers for 6 months (after, 8.15% - 18.00% Variable APR). Regardless, six months is better than nothing. And, with careful planning, you can pay off transferred balances during the intro period.

Note: This is a credit union card, so membership is required. Anyone can become a member of the Aspire Federal Credit Union by joining the American Consumer Council at no additional cost.

Learn more

Checklist before you transfer

Never use a credit card at an ATM

If you use your credit card at an ATM, it will be treated as a cash advance. Most credit cards charge an upfront cash advance fee, which is typically about 5%. There is usually a much higher “cash advance” interest rate, which is typically above 20%. And there is no grace period, so interest starts to accrue right away. A cash advance is expensive, so beware.

Always pay on time

If you do not make your payment on time, most credit cards will immediately hit you with a steep late fee. Once you are 30 days late, you will likely be reported to the credit bureau. Late payments can have a big, negative impact on your score. Once you are 60 days late, you can end up losing your low balance transfer rate and be charged a high penalty interest rate, which is usually close to 30%. Just automate your payments so you never have to worry about these fees.

Get the transfer done within 60 days

Most balance transfer offers are from the date you open your account, not the date you complete the transfer. It is in your interest to complete the balance transfer right away, so that you can benefit from the low interest rate as soon as possible. With most credit card companies, you will actually lose the promotional balance transfer offer if you do not complete the transfer within 60 or 90 days. Just get it done!

Don’t spend on the card

Your goal with a balance transfer should be to get out of debt. If you start spending on the credit card, there is a real risk that you will end up in more debt. Additionally, you could end up being charged interest on your purchase balances. If your credit card has a 0% balance transfer rate but does not have a 0% promotional rate on purchases, you would end up being charged interest on your purchases right away, until your entire balance (including the balance transfer) is paid in full. In other words, you lose the grace period on your purchases so long as you have a balance transfer in place.

Don’t try to transfer between two cards of the same bank

Credit card companies make balance transfer offers because they want to steal business from their competitors. So, it makes sense that the banks will not let you transfer balances between two credit cards offered by the same bank. If you have an airline credit card or a store credit card, just make sure you know which bank issues the card before you apply for a balance transfer.

Comparison tools

Savings calculator – which card is best?

If you’re still unsure about which cards offer you the best deal for your situation, try our calculator. You get to input the amount of debt you’re trying to get a lower rate on, your current rate, and the monthly payment you can afford. The calculator will show you which cards offer you the most savings on interest payments.

Balance transfer or a loan?

A balance transfer at 0% will get you the absolute lowest rate. But you might feel more comfortable with a single fixed monthly payment, and a single real date your loan will be paid off. A lot of new companies are offering great rates on loans you can pay off over 2, 3, 4, or 5 years. You can find the best personal loans listed on our site here.

And you might find even though their rates aren’t 0%, you could afford the payment and get a plan that takes care of your debt for good at once.

Use our calculator to see how your payments and savings will compare.

Questions and Answers

It depends, some credit card companies may allow you to transfer debt from any credit card, regardless of who owns it. Though, they may require you to first add that person as an authorized user to transfer the debt. Just remember that once the debt is transferred, it becomes your legal liability. You can call the credit card company prior to applying for a card to check if you’re able to transfer debt from an account where you are not the primary account holder.

Yes, you can. Most banks will enable store card debt to be transferred. Just make sure the store card is not issued by the same bank as the balance transfer credit card.

As a general rule, if you can pay off your debt in six months or less, it usually doesn’t make sense to do a balance transfer.

Here is a simple test. (This is not 100% accurate mathematically, but it is an easy test). Divide your credit card interest rate by 12. (Imagine a credit card with a 12% interest rate. 12%/12 = 1%). In this example, you are paying about 1% interest per month. If the fee on your balance transfer is 3%, you will break even in month 3, and will be saving money thereafter. You can use that simplified math to get a good guide on whether or not you will be saving money.

And if you want the math done for you, use our tool to calculate how much each balance transfer will save you.

With all balance transfers recommended at MagnifyMoney, you would not be hit with a big, retroactive interest charge. You would be charged the purchase interest rate on the remaining balance on a go-forward basis. (Warning: not all balance transfers waive the interest. But all balance transfers recommended by MagnifyMoney do.)

Many companies offer very good deals in the first year to win new customers. These are often called “switching incentives.” For example, your mobile phone company could offer 50% off its normal rate for the first 12 months. Or your cable company could offer a big discount on the first year if you buy the bundle package. Credit card companies are no different. These companies want your debt, and are willing to give you a big discount in the first year to get you to transfer.

If you transfer your debt and use your card responsibly to pay off your balance before the intro period ends, then there is no trap associated with the 0% APR period. But, if you neglect making payments and end up with a balance post-intro period, you can easily fall into a trap of high debt — similar to the one you left when you transferred the balance. As a rule of thumb, use the intro 0% APR period to your advantage and pay off ALL your debt before it ends, otherwise you’ll start to accumulate high interest charges.

Balance transfers can be easily completed online or over the phone. After logging in to your account, you can navigate to your balance transfer and submit the request. If you rather speak to a representative, simply call the number on the back of your card. For both options, you will need to have the account number of the card with the debt and the amount you wish to transfer ready.

You will be charged a late fee by missing a payment and may put your introductory interest rate in jeopardy. Many issuers state in the terms and conditions that defaulting on your account may cause you to lose out on the promotional APR associated with the balance transfer offer. To avoid this, set up autopay for at least the minimum amount due.

No, you can’t. Balances can only be transferred between cards from different banks. That includes co-branded cards, so be sure to check which issuer your card is before applying for a balance transfer card — since you don’t want to find out after you’ve been approved that both cards are backed by the same issuer.

Many credit card issuers will allow you to transfer money to your checking account. Or, they will offer you checks that you can write to yourself or a third party. Check online, because many credit card issuers will let you transfer money directly to your bank account from your credit card. Otherwise, call your issuer and ask what deals they have available for “convenience checks.”

In most cases, you cannot. However, if you transfer a balance when you open a card, you may be able to. Some issuers state in their terms and conditions that balance transfers on new accounts will be processed at a slower rate compared with those of old accounts. You may be able to cancel your transfer during this time.

Yes, it is possible to transfer the same debt multiple times. Just remember, if there is a balance transfer fee, you could be charged that fee every time you transfer the debt. Also, don’t keep on transferring your debt without making payments because you won’t accomplish much.

You can call the bank and ask them to increase your credit limit. However, even if the bank does not increase your limit, you should still take advantage of the savings available with the limit you are given. Transferring a portion of your debt is more beneficial than transferring none.

Yes, you decide how much you want to transfer to each credit card. For example, if you have $3,000 in debt, you can transfer $2,000 to Card A and $1,000 to Card B.

No, balance transfers are excluded from earning any form of rewards whether it’s points, miles or cash back.

No, there is no penalty. You can pay off your debt whenever you want without a penalty. It’s key to pay off your balance as soon as possible and within the intro period to avoid carrying a balance post-intro period.

Mathematically, the best balance transfer credit cards are no fee, 0% intro APR offers. You literally pay nothing to transfer your balance and can save hundreds of dollars in interest had you left your balance on a high APR card. Check out our list of the best no-fee balance transfer cards here. However, those cards tend to have shorter intro periods of 15 months or less, so you may need more time to pay off your balance.

If you are running out of time on your intro APR and you still have a balance, don’t sweat it. At least two months before your existing intro period ends, start looking for a new balance transfer offer from a different issuer. Transfer any remaining balance to the card with the new 0% intro offer. This can provide you with the additional time needed to pay off your balance. Ideally, look for a card that has a 0% intro APR and also no balance transfer fee.

The information related to The Amex EveryDay® Credit Card from American Express and Chase Slate® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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Balance Transfer, Best of, Pay Down My Debt

Best No Fee Balance Transfer Credit Card Offers – October 2020

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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There are a lot of 0% APR credit card deals in your mailbox and online, but most of them slap you with a 3 to 4% fee just to make a transfer, and that can seriously eat into your savings.

At MagnifyMoney we like to find deals no one else is showing, and we’ve searched hundreds of balance transfer credit card offers to find the banks and credit unions that ANYONE CAN JOIN which offer great 0% interest credit card deals AND no balance transfer fees. We’ve hand-picked them here.

If one 0% APR credit card doesn’t give you a big enough credit line you can try another bank or credit union for the rest of your debt. With several no fee options it’s not hard to avoid transfer fees even if you have a large balance to deal with.

1. The Amex EveryDay® Credit Card from American Express – Introductory 0% for 15 Months on balance transfers and purchases, $0 balance transfer fee.

This offer edges out competitors with a long 0% intro period and standout perks. The Amex EveryDay® Credit Card from American Express has increased value with an intro 0% for 15 Months on purchases and balance transfers, then 12.99% - 23.99% variable APR and a $0 balance transfer fee. (For transfers requested within 60 days of account opening.) In addition to the great balance transfer offer, you can earn rewards — 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

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2. BankAmericard® credit card0% Introductory APR on purchases for 15 billing cycles, $0 Introductory Balance Transfer Fee

Cardholders can benefit from an 0% Introductory APR on purchases for 15 billing cycles and an introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is $0 Introductory Fee for transactions made within 60 days of opening your account. After that, your fee will be:Either $10 or 3% of the amount of each transaction, whichever is greater. Once the intro period ends, there is a 14.49% - 24.49% Variable APR. You can benefit from a $0 annual fee and access to your free FICO® Score.

When to consider a fee

While no-fee balance transfer cards are great, sometimes it may be worthwhile to consider a balance transfer card with a balance transfer fee. The fee will be a percentage — typically 3% or 5% — of the total amount you transfer, but cards that charge balance transfer fees often have longer intro periods. If you can’t afford the high monthly payments required to pay off your balance before the end of a 15-month intro period, a card offering a longer intro period — such as 18 months — can provide lower monthly payments while still allowing you to pay off your balance before the end of the intro period. Below, we provide an example that should help you decide when you should consider a fee.

For this example, we’re assuming $6,354 in credit card debt, which is the average balance Americans have, according to Experian’s 2017 State of Credit report.

By choosing the card offering an intro 0% for 18 months and a 3% transfer fee, you’ll only have to pay $364 a month to pay your debt and the balance transfer fee off in full during the intro period. That’s $60 less than the $424 monthly payment required by the card with an intro 0% for 15 months. Just beware that while you’re saving month to month, overall, you will end up paying about $190 more due to the balance transfer fee.

3. Chase Slate® – 0% Intro APR on Balance Transfers for 15 months and 0% Intro APR on Purchases for 15 months, $0 Introductory Balance Transfer Fee

This deal is easy to find – Chase is one of the biggest banks and makes this credit card deal well known. Save with a 0% intro apr on balance transfers for 15 months and intro $0 on transfers made within 60 days of account opening. after that: either $5 or 5%, whichever is greater. You also get a 0% Intro APR on Purchases for 15 months on purchases and balance transfers, and $0 annual fee. After the intro period, the APR is currently 16.74% - 25.49% Variable. Plus, see monthly updates to your free FICO® Score and the reasons behind your score for free.’

4. Platinum Card from Navy Federal Credit Union – 0% introductory APR for 12 months on balance transfers, NO FEE

Platinum Card from Navy Federal Credit Union
The Platinum Card from Navy Federal Credit Union offers a 0% introductory APR for 12 months on balance transfers (after a 5.99% and 18.00% Variable APR). Note: This offer expires on Jan. 2, 2020. Since Navy Federal is a credit union, membership is required to open this card. You can qualify if you or one of your family or household members has ties to the armed forces, DoD or National Guard. Find out more about membership qualifications on Navy Federal.

5. Edward Jones World MasterCard® – Intro 0% for 12 billing cycles on balance transfers, NO FEE

Edward Jones World MasterCard®
You’ll need to go to an Edward Jones branch to open up an account first if you want this deal. Edward Jones is an investment advisory company, so they’ll want to have a conversation about your retirement needs. But you don’t need to have money in stocks to be a customer of Edward Jones and try to get this card. Just beware that you only have 60 days to complete your transfer to lock in the intro 0% for 12 billing cycles, and after the intro period a 14.99% Variable APR applies.

6. Choice Rewards World MasterCard® from First Tech FCU – Intro 0% for 12 months on balance transfers, NO FEE

Choice Rewards World MasterCard® from First Tech FCU

Anyone can join First Tech Federal Credit Union by becoming a member of the Financial Fitness Association for $8, or the Computer History Museum for $15. You can apply for the card without joining first. The intro 0% for 12 months and no transfer fee on balances transferred within first 90 days of account opening is for the Choice Rewards World MasterCard® from First Tech FCU. After the intro period, an APR of 8.25% to 18.00% variable applies. You also Earn 20,000 Rewards Points when you spend $3,000 in your first two months.

7. Rewards Visa Card from La Capitol FCU – Intro 0% interest on balance transfers for 12 months on balance transfers, NO FEE

Rewards Visa Card from La Capitol FCU
Anyone can join La Capitol Federal Credit Union by becoming a member of the Louisiana Association for Personal Financial Achievement, which costs $20. Just indicate that’s how you want to be eligible when you apply for the card – no need to join before you apply. And La Capitol accepts members from all across the country, so you don’t have to live in Louisiana to take advantage of this deal on the Rewards Visa Card from La Capitol FCU. The introductory 0% interest on balance transfers for 12 months on balance transfers applies to balances transferred within first 90 days of account opening. After the intro period, a 12.25%-18.00% variable APR applies.

8. Visa® Signature Credit Card from Purdue FCU – Intro 0% for 12 months on balance transfers and purchases, NO FEE

Visa® Signature Credit Card from Purdue FCU
The intro 0% for 12 months offer is only for their Visa® Signature Credit Card – other cards have a higher intro rate. After the intro period ends, 11.50%-17.50% Fixed APR applies. The Purdue Federal Credit Union doesn’t have open membership, but one way to be eligible for credit union membership is to join the Purdue University Alumni Association as a Friend of the University.

Anyone can join the association, but it costs $50. The good news is you can apply and get a decision before you become a member of the Alumni Association.

9. Premier America Credit Union – 0% Intro APR for 6 months on balance transfers and purchases, NO FEE

Premier Privileges Rewards Mastercard® from Premier America CU

Premier America is unique because it has the Student Mastercard® from Premier America CU that’s eligible for the intro 0% for 6 months on balance transfers, though credit limits on that card are $500 – $2,000. There is an 11.25% Variable APR after the intro period. There’s also a card for those with no credit history – the Premier First Rewards Privileges® from Premier America CU, with limits of $1,000 – $2,000 and a 19.00% Variable APR. If you’re looking for a bigger line, the Premier Privileges Rewards Mastercard® from Premier America CU is available with limits up to $50,000 and a 9.99% - 19.94% Variable APR.

Anyone can join Premier America by becoming a member of the Alliance for the Arts. You can select that option when you apply.

Other 0% intro APR cards to consider

10. Visa Platinum Card from Money One FCU – as low as 0% intro APR for 6 months on balance transfers and purchases, NO FEE

Visa Platinum Card from Money One FCU

Anyone can join Money One Federal by making a $20 donation to Gifts of Easter Seals. And you can apply without being a member. You’ll see a drop down option during the application process that lets you select Gifts of Easter Seals as the way you plan to become a member of the credit union. Credit lines for the Visa Platinum Card from Money One FCU are as high as $25,000. After the as low as 0% intro apr for 6 months, there’s a 6.75% to 18.00% Variable APR.

11. Andigo Credit Union – Intro 0% for 6 months on balance transfers and purchases, NO FEE

Visa Platinum Card from Andigo
You’ll have a choice to apply for the Visa Platinum Cash Back Card from Andigo, Visa Platinum Rewards Card from Andigo, or Visa Platinum Card from Andigo. The Visa Platinum Card from Andigo has a lower ongoing APR at 11.65% - 20.65% Variable, compared to 12.24% - 21.24% Variable for the Visa Platinum Cash Back Card from Andigo and 13.65% - 22.65% Variable for the Visa Platinum Rewards Card from Andigo. So, if you’re not sure you’ll pay it all off in 6 months, the Visa Platinum Card from Andigo is a better bet.

Anyone can join Andigo by making a donation to Connect Vets for $15, and you can submit an application for the card without being a member yet.

12. ETFCU's Platinum Rewards Credit Card – Intro 0% for 6 first billing cycles on balance transfers, NO FEE

ETFCU's Platinum Rewards Credit Card
You don’t need to be a teacher to join this credit union. Just make a $5 donation to Mater Dei Friends & Alumni Association. The ETFCU's Platinum Rewards Credit Card has an ongoing APR of 10.25% to 17.95% Variable, so you can enjoy a decent rate even after the intro deal ends.

13. Elements Financial Platinum Visa® Credit Card – Intro 0% for 6 months on balance transfers and purchases, NO FEE

Elements Financial Platinum Visa® Credit Card
To become a member and apply, you’ll just need to join TruDirection, a financial literacy organization. It costs just $5 and you can join as part of the application process. The ongoing APR is 10.99% Variable which is lower than typical cards.

14. Justice Federal Credit Union – Intro 0% for 6 months on purchases, balance transfers, and cash advances, NO FEE

Student VISA® Rewards Credit Card from Justice FCU
If you’re not a Department of Justice, Homeland Security, or U.S. court employee (or a few others), you need to join a law enforcement organization to be a member of Justice Federal. One of the eligible associations for membership is the National Native American Law Enforcement Association. It costs $15 to join.

You can apply as a non-member online to get a decision before joining. And Justice is unique in that the Student VISA® Rewards Credit Card from Justice FCU is also eligible for the intro 0% for 6 months on purchases, balance transfers, and cash advances. So, if your credit history is limited and you’re trying to deal with a balance on your very first card, this could be an option. The APR after the intro period ends is 16.90% fixed.

15. Platinum Visa Card from Michigan State FCU – Intro 0% for 6 months on balance transfers, NO FEE

Platinum Visa Card from Michigan State FCU
There is the option to apply for the Cash Back Platinum Plus Visa Credit Card from Michigan State FCU or the Platinum Visa Card from Michigan State FCU. The Platinum Visa Card from Michigan State FCU has a lower ongoing APR at 9.90% APR - 17.90% variable, compared to the 13.90% APR - 17.90% variable APR for the Cash Back Platinum Plus Visa Credit Card from Michigan State FCU which can earn 1% cash back on all purchases. Anyone can join the Michigan State University Federal Credit Union by first becoming a member of the Michigan United Conservation Clubs. However, this comes at a high fee of $30 for one year.

Are these the best deals for you?

If you can pay off your debt within the 0% period, then yes, a no fee 0% balance transfer credit card is your absolute best bet. And if you can’t, you can hope that other 0% deals will be around to switch again.

But if you’re unsure, you might want to consider…

  • A deal that has a longer period before the rate goes up. In that case, a balance transfer fee could be worth it to lock in a 0% rate for longer.
  • Or, a card with a rate a little above 0% that could lock you into a low rate even longer.

The good news is we can figure it out for you.

Our handy, free balance transfer tool lets you input how much debt you have, and how much of a monthly payment you can afford. It will run the numbers to show you which offers will save you the most for the longest period of time.

promo balancetransfer wide

The savings from just one balance transfer can be substantial.

Let’s say you have $5,000 in credit card debt, you’re paying 18% in interest, and can afford to pay $200 a month on it. Here’s what you can save with a 0% deal:

  • 18%: It will take 32 months to pay off, with $1,312 in interest paid.
  • 0% for 12 months: You’ll pay it off in 28 months, with just $502 in interest, saving you $810 in cash. That even assumes your rate goes back up to 18% after 12 months!

But your rate doesn’t have to go up after 12 months. If you pay everything on time and maintain good credit, there’s a great chance you’ll be able to shop around and find another bank willing to offer you 0% interest again, letting you pay it off even faster.

Before you do any balance transfer though, make sure you follow these 6 golden rules of balance transfer success:

  • Never use the card for spending. You are only ready to do a balance transfer once you’ve gotten your budget in order and are no longer spending more than you earn. This card should never be used for new purchases, as it’s possible you’ll get charged a higher rate on those purchases.
  • Have a plan for the end of the promotional period. Make sure you set a reminder on your phone calendar about a month or so before your promotional period ends so you can shop around for a low rate from another bank.
  • Don’t try to transfer debt between two cards of the same bank. It won’t work. Balance transfer deals are meant to ‘steal’ your balance from a competing bank, not lower your rate from the same bank. So if you have a Chase credit card with a high rate, don’t apply for another Chase card like a Chase Slate® and expect you can transfer the balance. Apply for one from another bank.
  • Get that transfer done within 60 days. Otherwise your promotional deal may expire unused.
  • Never use a card at an ATM. You should never use the card for spending, and getting cash is incredibly expensive. Just don’t do it with this or any credit card.
  • Always pay on time. If you pay more than 30 days late your credit will be hurt, your rate may go up, and you may find it harder to find good deals in the future. Only do balance transfers if you’re ready to pay at least the minimum due on time, every time.

The information related to The Amex EveryDay® Credit Card from American Express, BankAmericard® credit card and Chase Slate® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.

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