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Around here we usually focus on rewards-earning credit cards for the rewards or built-in perks that they offer, but every now and then it is worth at least mentioning some of the actual credit that these cards can provide. Note that if you are racking up a balance and paying interest on a rewards credit card you will most likely not come out on the winning side of that equation as the interest payments will very quickly eat away at the value of the rewards you earned. That said, life happens and most of us have to manage a credit card balance every now and then. Heck, we happily took the springfree trampoline company up on their 0% interest offer at Christmas because life gets expensive and spreading out the pain while avoiding interest can help.
If you find yourself in the situation where you can’t pay off a credit card balance in the near term, it is worth considering a card where you can move that higher interest rate balance to save on interest payments. Often times there is a 3 – 5% balance transfer fee, even if your card has some sort low-interest rate promo on balance transfer. As an example of how that adds up, a 4% balance transfer fee on a $3,000 balance transfer would work out to $120 in fees just to move your balance. However, there are exceptions to every rule, and sometimes there are ways to move a balance without paying any fees.
Earn Points and Access $0 Fee Balance Transfers + 0% Intro APR
Today The Amex EveryDay® Credit Card is introducing a way for new cardmembers to have both a $0 balance transfer fee for the first 60 days and a 0% intro APR for 15 months on both purchases and balance transfers. The card also has a public welcome bonus of 10,000 fully transferable Membership Reward points after you make $1,000 in purchases in the first 3 months.
This isn’t the only card out there with a good intro rate on balance transfers, but it is the only one I know of that also offers fully transferable points and no annual fee.
If you aren’t familiar with the Amex EveryDay Card, it is actually a pretty unique card that my mom has had for years (I have the Preferred version with the annual fee). With the Amex EveryDay Card you get a 20% bonus on points earned that billing cycle if you have 20 or more transactions, 2x points at US supermarkets (up to $6,000 per year), and then 1x elsewhere. Terms apply.
Of course, you would also have access to money-saving Amex Offers and other built-in Amex benefits. Unlike most rewards credit cards with no annual fee, the Membership Reward points earned by this card can transfer to all of the Amex Membership Reward travel partners such as Delta, Singapore, Hilton, British Airways, ANA, and more. You don’t need any other credit card to make these points transferable, that is a feature you have access to just by having this no annual fee card.
If you aren’t in the market for an Amex for whatever reason, another card with a similar 0% intro APR offer and no balance transfer fees for a period of time is the Chase Slate, though that card does not earn transferable rewards and is subject to Chase 5/24 rules.
Sometimes life happens, medical bills pile up, an unexpected repair blows the budget, or you just go all-in on an awesome Christmas present…and then you have to pay it off. I don’t advocate racking up debt, but I do think it makes sense to move debt to a lower interest rate when you can. If you are looking for a card where you can get $0 balance transfer fees for 60 days and an intro 0% APR for 15 months on both purchases and balance transfers, then perhaps The Amex EveryDay® Credit Card is the right match for you.
Editorial Note: The opinions expressed here are mine and not provided, reviewed, by any bank, card issuer, or other company unless otherwise stated.