I recently noted that Discover was offering 0% no fee balance transfers to select customers via snail mail.
Well, Chase seems to be doing a similar promotion.
The company currently has an offer for certain lucky customers (some with Amazon branded credit cards) that comes with two special balance transfer options:
– 0% APR for 12 months with a 1% balance transfer fee
– 0% APR for 18 months with a 2% balance transfer fee
Let’s take a look at the potential savings, assuming you’ve got a credit card balance of $5,000 @20.99% APR.
With the standard 3% balance transfer fee, you’d pay $150 for the privilege of transferring your balance.
With the 2% balance transfer fee, you’d pay just $100, and you’d get an additional six months to pay down your balance to zero before incurring any finance charges.
Finally, if you took the 1% balance transfer fee offer, you’d pay just $50, thereby saving $100 over the standard rate.
So you can save some decent money if you happen to receive one of these offers in your physical mailbox (not your e-mail inbox).
You can also log in to your existing Chase credit card account online and click on the balance transfer tab to see if the offer is there.
If not, there’s still a way to get a Chase no fee balance transfer, thanks to a cash back offer that will offset the standard 3% fee.
Chase will give you $100 cash back for transferring at least $500, so a $3,000 balance transfer would actually net you $10.
And smaller transfers would make you even more money.
For example, if you transferred the $500 minimum, you’d pay a $15 balance transfer fee but get $100 cash back, or $85 net profit.
Not a bad deal if you aren’t one of the select few picked by Chase to receive these new special offers.
Update: The Chase Slate No Fee Balance Transfer is now available, so forget about the 1% balance transfer fee and get it for free!