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Balance Transfer, Best of, Pay Down My Debt

Best 0% APR Credit Card Offers – January 2019

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

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 the longest 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 14.99%-25.99% 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.

The information related to The Amex EveryDay® Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

2. BankAmericard® credit card – 0% Introductory APR for 15 billing cycles, $0 Introductory Balance Transfer Fee

BankAmericard® Credit Card

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on Bank Of America’s secure website

Cardholders can benefit from an 0% Introductory APR on purchases for 18 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 3% (min. $10). Once the intro period ends, there is a 15.24% - 25.24% 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.

Discover it® Balance Transfer

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on Discover Bank’s secure website

Rates & Fees

If you need a longer intro period and lower monthly payment, we recommend the Discover it® Balance Transfer which offers an intro 0% for 18 months on balance transfers (after, 14.24% - 25.24% Variable APR) and has a 3% 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 16.99% - 25.74% Variable. Plus, see monthly updates to your free FICO® Score and the reasons behind your score for free.’

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

4. Edward Jones World MasterCard® – Intro 0% for 12 billing cycles on balance transfers through 10/31/2018, NO FEE

Edward Jones World MasterCard®

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on Edward Jones’s secure website

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 15.24% Variable APR applies. This deal expires 10/31/2018.

5. 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

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on First Technology Federal Credit Union’s secure website

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 11.99%-18.00% variable applies. You also Earn 20,000 Rewards Points when you spend $3,000 in your first two months.

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

Visa Rewards Card from La Capitol FCU

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on La Capitol Federal Credit Union’s secure website

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% 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.

7. 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

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on Purdue FCU’s secure website

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.

8. 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

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on Premier America’s secure website

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 11.50% 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 8.45% - 17.95% 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.

9. 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

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on Money One Federal’s secure website

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 8.50% to 17.80% Variable APR.

Other 0% intro APR cards to consider

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

Visa Platinum Card from andigo

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on Andigo’s secure website

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 11.99% - 20.99% Variable, compared to 11.99% - 20.99% Variable for the Visa Platinum Cash Back Card from andigo and 13.40% - 22.40% 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.

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

ETFCU's Platinum Rewards Credit Card

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on Evansville Teachers Federal Credit Union’s secure website

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 10.00% to 17.70% Variable, so you can enjoy a decent rate even after the intro deal ends.

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

Elements Financial Platinum Visa® Credit Card

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on ELFCU’s secure website

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 10.74% Variable which is lower than typical cards.

13. 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

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on Justice Federal Credit Union’s secure website

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.

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

Platinum Visa Card from Michigan State FCU

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on Michigan State University Federal Credit Union’s secure website

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 8.90% APR - 16.90% variable, compared to the 12.90% 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 Freedom® 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.

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.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Advertiser Disclosure

Balance Transfer, Best of, Pay Down My Debt

Best balance transfer credit cards: 0% APR, 21 months

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

btgraphic

Looking for a balance transfer credit card to help pay down your debt more quickly? We’re constantly checking for new offers and have selected the best deals from our database of over 3,000 credit cards. This guide will show you the longest offers with the lowest rates, and help you manage the transfer responsibly. It will also help you understand whether you should be considering a transfer at all.

 

0% balance transfers with a fee

If you think it will take longer than 15 months to pay off your credit card debt, these credit cards could be right for you. Don’t let the balance transfer fee scare you. It is almost always better to pay the fee than to pay a high interest rate on your existing credit card. You can calculate your savings (including the cost of the fee) at our balance transfer marketplace.

These deals listed below are the longest balance transfers we have in our database. We have listed them by number of months at 0%. Although you need good credit to be approved, don’t be discouraged if one lender rejects you. Each credit card company has their own criteria, and you might still be approved by one of the companies listed below.

Citi Simplicity® Card - No Late Fees Ever

Longest 0% intro balance transfer card

Citi Simplicity® Card - No Late Fees Ever: 0%* for 21 months on Balance Transfers*, 5% balance transfer fee

The Citi Simplicity® Card - No Late Fees Ever has the longest intro period on our list at intro 0%* for 21 months on Balance Transfers* made within 4 months from account opening. There is also an intro 0%* for 12 months on Purchases*. After the intro periods end, a 16.24% - 26.24%* (Variable) APR applies. The balance transfer fee is typical at 5% of each balance transfer; $5 minimum. This provides plenty of time for you to pay off your debt. There are several other perks that make this card great: $0 annual fee, Citi® Private Pass®, and Citi® Concierge.

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TRANSPARENCY SCORE
  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • Interest rate is not known until you apply.

Tip: Complete your balance transfer within four months from account opening to take advantage of the 0% intro offer.

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on Citibank’s secure website

Discover it® Balance Transfer

Decent 0% intro balance transfer period

Discover it® Balance Transfer: Intro APR of 0% for 18 months, 3% BT fee.

This is a basic balance transfer deal with an above average term. If you don’t have credit card balances with Discover, it’s a good option to free up your accounts with other banks. With this card, you also have the ability to earn cash back, and there is no late fee for your first missed payment and no penalty APR. Hopefully you will not need to take advantage of these features, but they are nice to have.

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  • Interest is waived during the balance transfer period, no foreign transaction fees and no late fee for your first late payment
  • The range of the purchase interest rate based on your credit history.  The 14.24% - 25.24% Variable APR is fairly standard.
  • There is a cash advance fee

Tip: Complete your balance transfer as quickly as possible for maximum savings.

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on Discover Bank’s secure website

Rates & Fees

No intro fee, 0% intro APR balance transfers

Very few things in life are free. But, if you pay off your debt using a no fee, 0% APR balance transfer, you can crush your credit card debt without paying a dime to the bank. You can find a full list of no fee balance transfers here.
The Amex EveryDay® Credit Card from American Express includes an extended intro period now at an intro 0% for 15 Months on balance transfers and purchases (14.99%-25.99% Variable APR after the promo period ends) and a $0 balance transfer fee. (For transfers requested within 60 days of account opening.) This offer is in direct competition with other $0 intro balance transfer fee cards like Chase Slate®.
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, outpacing competitors. This card presents cardholders with the unique opportunity to transfer a balance and make a large purchase during the intro period, all the while earning rewards on new purchases. To qualify for this card, you need Excellent/Good credit.
The information related to The Amex EveryDay® Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.
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  • Simple Welcome Offer
  • The 2-point bonus on grocery store spending is capped
  • You need 20 transactions each month to get the 20% bonus

 

Read our full review of The Amex EveryDay® Credit Card from American Express here.

 

Chase Slate®

Chase Slate®

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

With Chase Slate® you can save with a 0% Intro APR on Balance Transfers for 15 months and a balance transfer fee that’s Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.  There’s also a 0% Intro APR on Purchases for 15 months. After the intro periods end, a 16.99% - 25.74% Variable APR applies. This card also has a $0 annual fee. Plus, you can see monthly updates to your FICO® Score and the reasons behind your score for free.

You can get longer transfer periods by paying a fee (either $5 or 5% of the amount of each transfer, whichever is greater), so this deal is generally best if you have a balance you know you‘ll pay in full by the end of the promotional period.

Also, keep in mind you can’t transfer a balance from one Chase card to another, so this is good if the balance you want to move is from a bank or credit union that’s not Chase.

Transparency Score
Transparency Score
  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • There are late payment and cash advance fees

Tip: You have only 60 days from account opening to complete your balance transfer and get the introductory rate.

BankAmericard® Credit Card

BankAmericard® credit card

There is a 0% Introductory APR on purchases for 18 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 3% (min. $10). There’s also an 0% Introductory APR on purchases for 18 billing cycles. After that, a 15.24% - 25.24% Variable APR will apply.
 You need Excellent/Good credit to get this card and you can only transfer debt that is not already at Bank of America. You can get longer transfer periods by paying a fee, so this deal is generally best if you have a balance you know you’ll pay in full by the end of the 15-month promotional period.
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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • No penalty APR – paying late won’t automatically raise your rate (APR)
  • There are late payment and cash advance fees

Tip: You can provide the account number for the account you want to transfer from while you apply, and if approved, the bank will handle the transfer.

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on Bank Of America’s secure website

Low rate balance transfers

If you think it will take longer than 2 years to pay off your credit card debt, you might want to consider one of these offers. Rather than pay a balance transfer fee and receive a promotional 0% APR, these credit cards offer a low interest rate for much longer.

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

Long low rate balance transfer card

Unify Financial Credit Union – 6.99%-18.00% Variable APR, no expiration, $0 BT fee

If you need a long time to pay off at a reasonable rate, and have great credit, it’s hard to beat this deal from Unify Financial Credit Union, with an APR of 6.99%-18.00% Variable with no expiration. The rate is variable, but it only varies with the Prime Rate, so it won’t fluctuate much more than say a variable rate mortgage. There is also no balance transfer fee.

Just about anyone can join Unify Financial Credit Union. They’ll help you figure out what organization you can join to qualify, and you don’t need to be a member to apply.

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • There are late payment fees.

Tip: If you’re credit’s not great, this probably isn’t for you, as the APR chosen for your account is anywhere between 6.99%-18.00% Variable.

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on UNIFY Financial Credit Union’s secure website

Prime Rewards Credit Card from SunTrust Bank

Long low rate balance transfer card

SunTrust Prime Rewards – 4.75% variable APR for 36 months, $0 intro BT fee

If you live in Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, Washington, D.C., or West Virginia you can apply for this card without a SunTrust bank account.

The deal is you get the prime rate for 3 years with no intro balance transfer fee. That’s currently 4.75% variable, though your rate will change if the prime rate changes, either up or down, and you have 60 days to complete your transfer with no fee. After that, it’s $10 or 3% of the amount of the transfer, whichever is greater. Also beware the prime rate deal isn’t for new purchases, so only use this card for a balance transfer.

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • The range of the purchase interest rate is based on your credit history: 12.74%-22.74% (v), and is more than 10%, which is high.
  • There are late payment and cash advance fees.

Tip: You have only 60 days from account opening to get the intro $0 transfer fee.

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on SunTrust Bank’s secure website

For fair credit scores

In order to be approved for the best balance transfer credit cards and offers, you generally need to have good or excellent credit. If your FICO score is above 650, you have a good chance of being approved. If your score is above 700, you have an excellent chance.

However, if your score is less than perfect, you still have options. Your best option might be a personal loan. You can learn more about personal loans for bad credit here.

There are balance transfers available for people with scores below 650. The offer below might be available to people with lower credit scores. There is a transfer fee, and it’s not as long as some of the others available with excellent credit. However, it will still be better than a standard interest rate.

Just remember: one of the biggest factors in your credit score is your amount of debt and credit utilization. If you use this offer to pay down debt aggressively, you should see your score improve over time and you will be able to qualify for even better offers.

Platinum Mastercard® from Aspire FCU

For less than perfect credit

Aspire Credit Union Platinum – 0% intro APR for 6 months, 0% intro BT fee

Balance transfer deals can be hard to come by if your credit isn’t great. But some banks are more open to it than others, and Aspire Credit Union is one of them, saying ‘fair’ or ‘good’ credit is needed for this card. Anyone can join Aspire, but if you’re looking for a longer deal you also might want to check if you’re pre-qualified for deals from other banks, without a hit to your credit score, using the list of options here.

You’ll be able to check with several banks what cards are pre-screened based on your credit profile, and you might be surprised to see some good deals you didn’t think were in your range. That way you can apply with more confidence.

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • The ongoing interest rate isn’t known when you apply.

Tip: Only Aspire’s Platinum MasterCard has this deal. Its Platinum Rewards MasterCard doesn’t have a 0% offer. And if you transfer a balance after 6 months a 2% fee will apply.

APPLY NOW Secured

on Aspire Federal Credit Union’s secure website

2. 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 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.

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.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Pay Down My Debt

National Debt Relief Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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If you’re finding it difficult to keep up with your financial obligations month after month, a debt relief program could be a good option to consider.

National Debt Relief offers both debt consolidation and debt settlement services. Learn more about this company in this comprehensive review.

What is National Debt Relief?

National Debt Relief offers both debt consolidation and debt settlement as alternatives to bankruptcy. The company was founded in 2009 and has since helped over 100,000 families. However, you must have at least $7,500 in debt to qualify for its debt relief program.

Debt consolidation is the process of taking out new debt in order to repay your old debts. The new debt should have better terms to make repayment easier or cheaper. If you consolidate multiple debts, you could reduce your monthly payments.

Debt settlement, on the other hand, is a process that can get part of your debt forgiven. In exchange, you’ll promise to repay a certain portion of the original debt.

Breakdown of National Debt Relief

Here’s a simple breakdown of National Debt Relief’s services, fees and qualifications.

Services offered

  • Debt settlement
  • Debt consolidation
  • Credit counseling

Minimum debt required

You must have at least $7,500 in eligible debt to qualify for enrollment in a debt relief program with the company.

Soft or hard credit pull required

The company runs a soft credit check during the application process to give you a free quote.

Time frame

A debt settlement program through National Debt Relief generally takes 24 to 48 months to complete. People who complete the program are said to save about 30% off their original debt (or 50% before National Debt Relief collects its fees).

Consultation fees

Initial consultation is free.

Cancellation fees

You do not pay National Debt Relief until settlement is reached. If you are unhappy with the way the company negotiated your debt, you can cancel without any penalties or pay any fees (up until the point of settlement).

Service fees

The exact fee varies by debt amount and the state you live in, but is typically 15% to 25% of total debt during enrollment and is paid once settlement is reached. National Debt Relief does not charge a monthly service fee.

Types of debt accepted

National Debt Relief settles unsecured debt from credit cards, personal loans, lines of credit, medical bills, business debts, repossession deficiency balances, abandoned timeshares and certain student loan debts.



The company does not settle debt from mortgage or home loans, auto loans, child support, lawsuits, IRS debt and back taxes, speeding tickets, bail bonds or any other types of secured loans.

Accreditations

National Debt Relief is a member of the Better Business Bureau (BBB). It is also a member of the U.S. Chamber of Commerce, the International Association of Professional Debt Arbitrators (IAPDA) and the American Fair Credit Council.

Ratings

4-star customer rating on the BBB

Service limitations

National Debt Relief is not available in all states. These states include Connecticut, Georgia, Kansas, Maine, New Hampshire, Oregon, S.C., Vt. and W.Va. You can get information on each state’s laws on the company’s website.

Free resources and tools

National Debt Relief provides some free financial education resources on its website, like this downloadable budget planner.

Customer service

National Debt Relief has several customer service channels. You can speak to a debt relief counselor by calling 800-300-9550 Monday through Friday from 8 a.m. to midnight EST or Saturday from 10:00 a.m. to 10 p.m. EST.



For general inquiries, you can email info@nationalrelief.com. You can also fill out an request and have a specialist contact you about options within minutes.

Who’s eligible?

  • You need at least $7,500 in eligible debt and be several months behind on your payments.
  • You must be able to demonstrate financial hardship, so that the company can negotiate with your creditors and show you are eligible for debt relief. Some examples of financial hardships, according to the company’s website, are a recent job loss, a separation or divorce which has led to a reduction in income, death of a spouse, unexpected medical bills, student loans or IRS taxes.
  • You must be able to make monthly payments to a settlement fund, which will later be used to pay your creditors. The amount for your monthly payment is determined by National Debt Relief and is often less than the total credit card payments you’re currently paying.
  • You must not be living in states that National Debt Relief does not currently serve (Connecticut, Georgia, Kansas, Maine, New Hampshire, Oregon, South Carolina, Vermont and West Virginia).

What are the benefits and risks of National Debt Relief?

Benefits

Risks

There is no upfront costs. You do not have to pay anything until a settlement is reached.

If you enter a debt settlement program, you’re essentially hiring a company to negotiate with creditors on your behalf. In order to show creditors that you’re truly unable to repay your debts (and hopefully convince them to settle for less than what you owe), the debt relief company will ask you to not make payments on your outstanding debts. During this time, interest and late fees will accrue on your loans.


While National Debt Relief claims that people who finish its debt relief program save on average 30% off their original debt, it’s important to consider the interest and fees you’ll accrue during the time you’re enrolled in the program. Furthermore, If you don’t finish the program, or if National Debt Relief is unsuccessful at negotiating the terms, you can end up stuck with a higher balance than you started off with.

National Debt Relief runs a soft credit check during the application process to give you a free quote.

Late payments will show up on your credit report since your accounts are delinquent while you are in a debt relief program.Once an account is considered delinquent, it will show up on your credit report for seven years.

Having a debt expert negotiate on your behalf can be very helpful. This is especially true if you are not fluent in English or do not feel comfortable speaking to creditors on a regular basis.

There is no guarantee your creditors will accept any offer from National Debt Relief. Creditors may still contact you once you’ve stopped making payments.

People who complete the program are said to save about 30% off their original debt(or 50% before National Debt Relief’s fees).

There is always a possibility that creditors will sue you if you stop making payments on outstanding debts.

You can cancel at any time — up until settlement is reached — without penalties or fees.

You may have to pay taxes on forgiven debt.

How much does National Debt Relief cost?

Since 2010, the Federal Trade Commission made it illegal for debt settlement companies to collect any upfront fees. As a result, there is no initial cost to work with National Debt Relief and the company does not require a monthly service fee.

The final cost for each person is dependent on their total debt and is paid only once settlement is reached with creditors.

Service

Cost

Debt settlement

15 to 25% of total enrolled debt

How long does the program take?

National Debt Relief claims its debt relief programs generally take 24 to 48 months, or two to four years, to complete. Below is what the overall process looks like. Specifics will vary based on each financial situation.

Once you’ve decided that debt settlement is the right option for you, National Debt Relief asks that you stop paying your creditors (if you can still make payments, you’re not in a financial crisis and the program isn’t right for you) and open a new FDIC-insured account that you will begin depositing money into regularly. The funds collected in this account will only get disbursed once terms of a settlement offer are reached between the creditor and borrower.

However, a negotiation between you and the creditor won’t begin until a lump sum is in your account. This sum is determined by National Debt Relief depending on your “debt balance, income and basic necessity expenses,” according to the company’s website.

Remember that until National Debt Relief reaches out to start negotiations on your behalf, your creditors are unaware that you’re planning on a debt settlement. All they know is that you’ve stopped making payments; your account will likely be flagged as delinquent and your credit score will take a nosedive because of it.

During the time, National Debt Relief advises you to “maintain your silence” and continue making payments into your FDIC-insured account.

Approximately three to six months after you’ve stopped making payments, National Debt Relief will approach your creditor to negotiate on your behalf. They will show evidence that you are unable to pay your debt, and start negotiating new payment terms with the creditor.

Next, the creditor will do their own investigation, according to National Debt Relief, which means they will check on your payment behavior with other creditors. This is why the company “strongly encourages” that you stop payment to all qualified creditors if you’ve decided on a debt settlement program. If the creditor decides that you are unable to pay off your debts, they will be more inclined to settle for a reduced payment plan and accept the new terms set forth by the debt relief company.

If the creditor agrees to work with the debt relief company, a settlement offer is sent to you for approval. Once approved, the funds that “you have secretly been saving” will be released to the creditor.

This process is repeated with all of your creditors until your debts are paid off.

While savings aren’t guaranteed, the company says that people who complete the program end up having their original debt reduced by as much as 30% (or 50% before National Debt Relief collects its fees).

Is National Debt Relief safe to use?

National Debt Relief is considered a reputable debt settlement company with accreditations from the Better Business Bureau, the International Association of Professional Debt Arbitrators (IAPDA) and the American Fair Credit Council. The company is also a member of the U.S. Chamber or Commerce.

The company has an A+ rating with BBB, where there are currently more than 130 customer reviews. Of the lowest ratings, complaints are centered on National Debt Relief’s customers sales and marketing tactics. Some complaints were also about representatives not being upfront or clear about the potential negative consequences of entering a debt relief program, like your credit score plummeting. Between 2015 and 2018, 77 complaints were filed against National Debt Relief on BBB. Out of this number, 36 are marked as resolved and closed and 41 marked as answered.

How do I sign up for National Debt Relief?

If you believe a debt settlement program is right for you:

  • Fill out a request. You’ll enter your name, phone number, email address and debt range.
  • Afterward, a National Debt Relief specialist will contact you to discuss options and require that you provide proof of your debt balance, income, assets and basic necessity expenses. Any proof that you are struggling with financial hardship needs to be provided during the initial financial review to assess whether a debt settlement program is right for you.

National Debt Relief provides free consultations. Call 800-300-9550 Monday through Friday from 8 a.m. to midnight EST, or Saturday from 10:00 a.m. to 10 p.m. EST.

What to expect after signing up with National Debt Relief

Here’s the general process you can expect when working with National Debt Relief to tackle your debt:

  • Step 1: Open a dedicated savings account. At the start of your debt settlement program, National Debt Relief requires that you open a savings account where you will begin making monthly payments. The amount you pay each month is decided on by National Debt Relief, and is generally lower than the total payments you’re currently making to creditors. You are in total control of the funds in your account, which is only disbursed once a settlement is reached between National Debt Relief (on your behalf) and your creditors.
  • Step 2: Negotiation. National Debt Relief will negotiate with creditors to potentially settle your debt for a lower amount than the original total.
  • Step 3: Review and approve the settlement. If the lender agrees to a settlement, the remaining payment will be made in a lump sum. Since entering a debt relief program means you’ve stopped on making outstanding payments to your lender, the lender may decide that a lump sum, albeit lower than the original amount, is better than no payment at all.

Alternative methods to pay down debt

Debt consolidation

Debt consolidation is a type of debt refinancing that transfers multiple loans into a single loan to help make payments more manageable. In other words, you are taking out a new loan to pay off existing debts. This does not eliminate debt, but rather, allows you to roll all of your debts into one single monthly payment.

Pros

  • Lower monthly cost. Payments could be lower than the total monthly payments you’re already paying, and interest rates may be lower than the total rates you were paying before, which can help you pay off debt faster.
  • Choose your lender. With debt consolidation, you can choose the lender you work with. And you have plenty of options to choose from. You can compare lenders here at our debt consolidation loan marketplace. You may get to explore loan offers after inputting some basic information. You can also use our widget below and compare offers from up to five different lenders on LendingTree.

Cons

  • Might not qualify. If you have a low credit score, you may only qualify for high interest loans, which doesn’t help your overall financial standing.
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Debt management plan

A debt management program is different from debt consolidation in that it consolidates your payments but not your loan (you are not taking out a new loan as you would in debt consolidation). These programs enable debtors to work one-on-one with a financial professional to get your financial obligations under control and are created for consumers by nonprofit credit counseling agencies.

Once in a debt management program, the debtor makes single monthly payments to their credit counselor who will then distribute the money to your various lenders. Generally, those who bring in income but are unable to meet minimum monthly payments with their creditors are good candidates for a debt management plan.

Pros

  • Personal advocate. A credit counselor will negotiate lower interest rates and fees with creditors on your behalf so you’re able to pay back debt more quickly.
  • Your credit score could improve. Since you are now making monthly payments on time, your credit score can even improve. A debt management plan may also help you avoid bankruptcy.

Cons

  • It won’t fix income problems. If you aren’t bringing in any income and don’t see your financial situation changing any time soon, a debt management program will not help you since it requires that you make monthly payments on time.
  • Not all debt qualifies. Only unsecured loans, such as credit cards, are considered qualified debts for this program. Secured loans, such as mortgages and auto loans, are not considered qualified.

Bankruptcy

Bankruptcy is a federal legal process that allows people in dire financial hardships a chance to start over by eliminating or restructuring their debts. There are various types of bankruptcy a person files, with Chapter 13 (repayment) and Chapter 7 (liquidation) being most common.

Pros

  • Get a fresh start. To a degree, bankruptcy can “reset” your finances. It could erase debts that have held you back.
  • Federal protections. Bankruptcy allows you to resolve debts under the protection of the federal government, especially after a life-altering event like a health crisis or income loss.

Cons

  • Credit hit. Bankruptcy wrecks your credit and can remain on a credit report for seven to 10 years. Bankruptcy filings are also public records which can result in long-lasting damages.
  • Fees. Bankruptcy isn’t free. You’ll pay fees during the process.

DIY debt settlement

What any debt settlement company promises to do for you, you can technically do yourself by picking up the phone and negotiating with creditors.

Pros

  • No fees. A DIY plan could be beneficial if you only owe a few creditors. You won’t have to pay any outside company a fee and you benefit the most from any debt you successfully negotiate.

Cons

  • You’ll have homework. It can be overwhelming to speak to creditors on a regular basis, especially if you don’t speak English well and/or are not knowledgeable when it comes to settlement options.
  • Zombie debt. If you’re not careful, you may revive zombie debt that’s past the statute of limitations.

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.

Vivian Giang
Vivian Giang |

Vivian Giang is a writer at MagnifyMoney. You can email Vivian here

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