Those looking to transfer a credit card balance will want to do so without any kind of fees.
Unfortunately, most large credit card issuers charge a 3% balance transfer fee when you elect to move your debt from one card to another. This is the industry standard fee.
However, what I’ve noticed in recent months is that many smaller credit unions nationwide offer no fee balance transfers. And plenty of them offer these great deals with 0% introductory APR.
Some don’t charge an annual fee, making them truly free balance transfers, and these are the ones you’ll want to focus on to get the most bang for your buck.
Just to give you an example, the Logix Federal Credit Union Platinum MasterCard offers 0% APR for 12 months with no balance transfer fee. And they serve customers in a variety of highly-populated states, including Arizona, California, Nevada, Virginia, Washington D.C., and others.
Keep in mind that only one major credit card issuer offers a no fee balance transfer, that being the Chase Slate No Fee offer. So for a small not-for-profit credit union to match the likes of Chase is pretty amazing.
Credit Unions Have Fewer Balance Transfer Restrictions
Speaking of Chase, the downside to executing a balance transfer with Chase is that you won’t be able to move existing Chase credit card debt to the Slate card.
As I’ve explained before, you can’t transfer credit card debt from within the same bank. So you can’t move Amex credit card debt to another Amex card, or Citi credit card debt to a different Citi card.
After all, why would they allow you to take advantage of a new lower interest rate? Only a new bank would permit this in a bid to gain your business. If they already have your business there’s no incentive to lower your APR.
The beauty of these credit unions is that they probably don’t have your credit card business, seeing that they’re so obscure or small, so there shouldn’t be any restrictions to move your debt to them.
In other words, these credit unions can be a goldmine for those looking to transfer a balance because they offer amazing no-fee deals and there aren’t too many traditional roadblocks, if any.
Find Local Balance Transfer Offers
To find a local credit union (or one that operates in your state) that offers good balance transfer deals, simply google some combination of keywords like “no fee balance transfer credit union CA” or something similar with your particular state in mind.
It didn’t take me very long to find all types of offers you’d never come across otherwise. Chances are you won’t see their branches while driving in your city.
Many of these credit unions seem to be a bit of a secret, some just operating online or only a small handful of locations. Regardless, these credit unions will be happy to take your debt (and your new business).
They just aren’t big enough to advertise alongside the big boys, which is another plus because they can pass the savings onto you.
You’ll be surprised what you find. I would attempt to list all the credit union balance transfer offers (I have partially, some of the very best deals) but it would be too much work, and a moving target as they update and add/remove offers.
Tip: Make sure you study all the details of the offer. The best ones are 0% APR with no fees of any kind, and preferably offer 0% APR for at least 12 months.