If you’ve currently got credit card debt, perhaps from the holidays, or in anticipation of doing your taxes, a balance transfer is a great way to avoid costly and unnecessary finance charges.
However, many balance transfer offers come with pesky balance transfer fees, which tend to be 3% (or more) of the amount transferred.
For example, if you transfer $1,000 in credit card debt, you’ll wind up paying $30. While that may seem like a drop in the bucket, for those transferring say $5,000, the fee jumps up to a hefty $150.
Clearly you don’t want to tack on debt to existing debt, especially if you can’t even pay off your credit card to begin with.
Wright-Pratt Credit Union Promotional NO Fee Balance Transfer
To avoid that cost, it’s best to look for a no fee balance transfer. Unfortunately, there is only one major credit card issuer that has a no fee offer.
And it’s the Chase Slate No Fee Balance Transfer, which is all good and well if your existing credit card debt IS NOT with Chase.
If it is, you won’t be able to take advantage of that offer, as balance transfers within the same bank (issuer) are not permitted.
Also note that some no fee balance transfers, namely those offered by Capital One, don’t offer 0% APR. So again, you’re getting the runaround.
Where does that leave us?
Well, a small credit union located in Southern Ohio by the name of Wright-Pratt Credit Union (WPCU) has a special promotion going on from now until May 31, 2013.
They call it the “Real Deal Balance Transfer” because there is no annual fee, no balance transfer fee, no cash advance fee, and no gimmicks.
And the introductory rate is as low as 0% APR for up to 12 months, which means you can actually tackle some of that debt, as opposed to adding to it.
After the promo APR expires on February 28, 2014, the regular credit card APR will rise to a variable 6.25% to 14.25%.
So it’s best to pay off the amount transferred during the promotional period if at all possible.
Keep in mind that this is only one of two no fee, 0% APR balance transfer offers available at the moment.
And because it’s with a small credit union, chances are your existing credit card debt is not with them, making you eligible.
The one caveat here is that the 0% APR isn’t guaranteed. It could be as high as 8%, per their promotional terms and conditions, based on your creditworthiness.
So it’s probably best to call them up first to discuss, and/or wait to see what your APR will be before actually transferring a balance.
In other words, don’t transfer the balance while applying for the card – wait to see what your approved offer is first. That will ensure you avoid any surprises.
This offer is no longer available. Do you know of any other no fee balance transfers that are still being offered?
I’ve found that credit unions offer much better products than the mega banks. This goes for credit cards, mortgages, auto loans, etc. Everyone should check out their local credit union’s offerings before considering a big bank. Just my 2 cents.
The one time you’ll wish you lived in Ohio…