Last updated: November 30, 2008.
Capital One® offers a number of credit cards with no balance transfer fees. For this reason, if you are looking to consolidate your credit card debt onto one cars which you don’t plan on using for purchases, you may want to take a look at these offers. Please be aware that these cards do charge interest on balance transfers, and there is no “grace period” as would usually apply to purchases. That means you’ll be charged interest starting with the day you transfer your balance.
You should only transfer a balance to a credit card if the terms, including APR and transfer fee, are better than what you’re currently being charged. Don’t consolidate just for a lower monthly payment.
Here are the Capital One® credit cards that offer no balance transfer fees.
No Hassle MilesSM Rewards – Excellent Credit
No Hassle CashSM Rewards – Good Credit
No Hassle MilesSM Rewards – Good Credit
Standard Platinum
No Hassle CashSM Rewards
Credit cards are like buzz saws. They are useful tools but dangerous if in the hands of someone who doesn’t use them properly. The rates offered on these balance transfers are not the best in the industry, but the lack of a balance transfer fee sets these cards apart. In today’s environment, many other credit card companies are charging fees of 3% and eliminating upper limits on these fees.
Updated September 17, 2011 and originally published April 30, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
Rank: Platinum
{ 4 comments… read them below or add one }
Are there people still doing the balance transfer arbitrage anymore? I have been wondering how that has been working out lately with the credit crisis we are in.
Kevin: I doubt it’s as common as it was a few years ago. It’s hard to make it worthwhile when interest rates on savings are low.
I tried the arbitrage game with the Capital One No Hassle Visa Signature Cash card. I did a balance transfer in March. No transfer fee, and the 0 interest rate was supposed to last until September. In mid April, I got a letter from Capital One stating it made a mistake, and the transfer would be charged at the regular interest rate starting June 1. What a hassle.
I paid that sucker off last week. I made about $50 in interest in my online HSBC savings account while I had the money from Capital One plus other credit card transfers.
I suspect interest rates on savings accounts will drop again in May.
@flexo
thanks for sharing… These offers with no bal tran fees are hard to find these days…