5 credit card mistakes everyone makesUpdated: June 5, 2014

Are you carrying a balance on one or several credit cards? If so, transferring your outstanding balances to a credit card with a 0% introductory APR or low ongoing interest rate can be a real money saver. A 0% intro APR period typically allows you enough time to pay off the balance without incurring any interest fees, and a low ongoing APR is perfect for anyone who wants to delay paying off purchases.

There is a "gotcha" in this situation though – most cards charge a balance transfer fee for transferring your balance from your existing credit card to the new one. This fee usually ranges from 3% to 5% of the balance you're moving over. These might seem like small percentages, but if you're transferring $5,000 it means you can pay $150 -$250 in transfer fees. Sometimes this additional cost can even offset what you'd be saving in interest fees.

Fortunately, we've researched the available options and found two great credit cards that don't charge balance transfer fees.

Chase Slate    |    APPLY NOW
Our number-one ranked balance transfer card features a lengthy 15-month 0% intro APR on both balance transfers and purchases in combination with no balance transfer fees. Plus, there is no annual fee. It comes complete with the Chase Blueprint tool to help you pay off your balance. With Blueprint you can customize your payments in a variety of ways to help you manage your spending and borrowing. Chase Slate also includes bonus features like price protection, purchase protection and extended warranty protection. And unlike most cards with lengthy 0% intro APRs, you don't need perfect credit to be approved for Slate.  People with "good" credit (usually meaning credit scores around 700 but sometimes as low as 650) can also be approved. Overall, this is a terrific card to help you manage and pay down your existing balances without charging a balance transfer fee or annual fee.

Barclaycard Ring Mastercard   |   APPLY NOW
The Barclaycard Ring Mastercard combines no balance transfer fees and no annual fee with an incredibly low ongoing APR of 8.00% (variable). Even though there is no 0% intro APR period, if you have excellent credit and plan on carrying your balance for a while the low ongoing interest rate could save you money on interest fees in the long run. It also includes free FICO® Scores and the very unusual ability to share in the card profits and to participate in voting on the card benefits and features you want. We highly recommend this card for anyone who may not be in the position to pay off their credit card balance in the near future.

If you're not sure which balance transfer card is best for your situation, use our free Balance Transfer Calculator to determine which card will save you the most money.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.

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