Your input is invaluable and we’d love to have your opinions about the best refer a friend cash bonus offered by a prepaid debit card (see below) – this site is powered by you!
What is a Refer a Friend (Personal Referral) Program?
Many Prepaid debit cards offer refer a friend programs. These programs offer cash referral bonuses that are paid by the card issuer when you refer a friend or family member to sign up for the card (as a new customer). They are sometimes called affiliate programs and/or links, though these terms usually refers to a commercial website (not a a personal referral).
How Do I Get Paid?
The person you refer must typically sign up for a new card (can not be an existing customer or card member) and then must also sign up for direct deposit, which is typically going to be their payroll or government benefits check. The amount of direct deposit that is required varies, but is typically a minimum of $40.
Also, you and the friend you refer usually BOTH get a cash referral bonus, which effectively doubles your referral payout amount and is obviously an appealing aspect to these programs that you might not see in other referral programs. Please note, though, that these programs are legit and are not a pyramid scheme (you don’t get paid on multiple levels).
Payout Bonus Doubled– Updated 7/22!
Chime has Increased Their Referral Bonus to $100 (was previously $50)!
Chime Refer A Friend Bonus Review: You and your friend (or family member) will earn a cash referral bonus of $100 (one hundred dollars) (previously $50) when you tell your friends and family members about Chime (the largest digital bank with well over 5 million customers) and they sign up for a Chime Visa account – details within the app when you apply (your friend must sign up for direct deposit in order to qualify for referrals).
Account holders earn referral bonuses for multiple friends and family up to $1,000 each year (previously $500). Can we say easy money as it’s just a link you send your friend and it only take a few mins to sign up – be sure to log in to the app to verify this offer after you sign up.
Fun Fine Print from Chime’s Site: “We currently offer a referral bonus every time you refer someone new to Chime using your referral link, and they receive a single qualifying direct deposit of $200 or more! Your friend must enroll and complete a single direct deposit of $200.00 or more from their payroll provider within 45 days of opening their new account. If the terms are complete, both you and your friend will get $100 each.”
Brinks, the same company that brings you home security products, is also now in the prepaid card market. If you refer family and friends and you could qualify for a $20 referral credit (not a cash bonus). After each friend or family member you refer to the Brink’s Mastercard applies and gets approved for a MasterCard (everyone is approved), they must load at least $40 in cash or can do a direct deposit of their paycheck in order to get the $20 credit.
You and the person your refer will receive a $20 account credit (not cash) and you can get an unlimited number of Refer-a-Friend rewards. No rebate will be credited to either party’s account if the referred person had another Netspend card (Netspend issues several different prepaid cards) at any time during the previous 180 calendar days before the day the $40 cash load requirement is done.
Western Union has partnered with Netspend (that issues this MasterCard) to offer friends and family members $20. The person you refer must activate their card and then load $40 cash on their card for you to get your referral bonus (and for them to get their money).
If you accrue $600 or more in Refer–a–Friend cash rewards (that are credited to your card) in a calendar year, Netspend will mail you an IRS Form 1099–MISC reflecting the total Refer–a–Friend rewards (this is a standard tax policy of any refer a friend program).
No reward will be credited to either party if referred individual had another Netspend managed card (they issue a lot different prepaid cards) at any time during the previous 180 calendar days before the day the $40 cash load requirement is fully met.
{Update 2019} We regret to inform you that Rushcard appears to have ended their referral program as they were bought out by Green Dot. The previous terms are still below for info. purposes – if you have any other info, please post in our comments section below.
You can earn up to $600 each year with the RushCard Refer-A-Friend bonus program. For each friend or family member that gets a new card (must be a new customer), creates a PIN, and funds their Rush Card prepaid Visa (they must add funds to their account), you (and your friend) will get a $30 cash rebate bonus added to your RushCard. You can earn a maximum annual rebate up to $600 per year.
As a Paypal prepaid MasterCard cardholder, you can receive an unlimited number of Refer-a-Friend $20 cash bonuses as long as the program is active (and your referral will get $20 too). Like the RushCard program above (both programs are run by Netspend) the person you refer must apply and get approved (approval is guaranteed) for a new Pay Pal card for you to get credit.
The friend or family member you refer must also activate their card and load $40 on their MasterCard. Certain conditions apply- be sure to read all the terms and conditions carefully before you apply.
It’s basically the same referral bonus of $20 (a credit to your prepaid account) that Netspend offers on its main prepaid card and, like with Netspend’s flagship card, you referral must do a cash load (fees may apply) on to their new account in order for you both to get paid.
Many prepaid Visa and MasterCards offer a refer a friend program to reward their customers for referring friends and family members (and even strangers) to sign up for their card. If you are happy with your card (to the degree that you feel comfortable telling others about it), then taking advantage of these programs can be financially lucrative. The best payout offer in terms of payout is offered by the Chime Visa at $100 per referral (see link below- up to $1,000 in earnings per year).
But one downside of Chime is that you can not refer an unlimited number of friends like you can with Netspend. So, the best program really depends on how many folks you plan on referring. The bottom line is that if you plan on having less than 10 referrals, then Chime is best. But if you have a potentially larger referral network (over 25 so that you earn more than $500), then Netspend would be a better option. Click here to read our reviews of the current best prepaid cards on the market and apply online in mins.
One very low fee card option is the new No Fee Chime Visa Debit Card, (Referral Link) which can managed entirely from your smartphone and charges no overdraft fees, no monthly service fees and no transfer fees. No Chex systems. No minimum balance is required and Chime features over 38,000 fee-free MoneyPass® and Visa Plus Alliance ATMs (there is a map of all fee-free ATM’s in the app).
And for a limited time, earn a Cash referral bonus of $100 when you tell your friends and family members about Chime and they sign up (and they’ll earn $1,000 too)- be sure to check out the details within the app after you apply!
Your input is invaluable and we’d love to have your opinions about the Discover cash back debit card and/or prepaid card (see below) – this site is powered by consumers like you!
Discover Card is one of many companies offering a growing suite of reloadable, prepaid debit card solutions, customized to meet your needs. Offerings range from:
General Purpose Reloadable (GPR)– This card is great for general, everyday use and has the added benefit of fraud protection. The user’s money is safe and there are no dangers of overdrafts.
Discover Campus – This option is great for college students. Not only does it double as a student ID, but it can also be used to make purchases, easy cash withdrawals, and direct deposits from the Financial Aid Office.
Discover Payroll– This card allows cardholders to receive their pay immediately and allows employers to save the cost of cutting checks. Cardholders are protected with zero liability, overdraft protection and routine account alerts.
One concern most people have when considering a Discover Prepaid Debit Card is that it won’t be accepted most places, but today, Discover is accepted at over 90% of merchants that accept credit card payments.
Discover is also a part of the Pulse Network, the nation’s largest Electronic Funds Transfer network allowing you easy access to cash withdrawals at any ATM that carries the Pulse ® logo.
The Discover Prepaid Debit Card also carries with it some hefty benefits like:
Fraud Protection for unauthorized charges
Cash access through ATMs or stores offering cash back with purchase
Online account monitoring
A variety of reloading options
The fees associated with the Discover Prepaid Debit Card vary depending on issuing bank. If you have a prepaid card, please let us know what fees you are paying by posting a review below.
Discover Prepaid Debit Card Complaints and Reviews- (Customer Complaints and Good Reviews Below)
PLEASE NOTE!There are no more Discover prepaid debit cards being issued direct to consumers. Apparently, they still offer prepaid cards through employers as they have recently updated the terms for the Discover Universal Discover® Prepaid Card.
The Universal Card gives you 5% cash rebates at select merchants, but unlike traditional prepaid reloadable cards, you can not get cash back at ATMS. Also, it doesn’t look like you can directly load cash onto the card (which you normally can do with a prepaid Visa for ex.), but must be done by your employer (assuming they gave you the card). And the fees are hard to figure out as you have to log in to your account to see how much the fees are.
The bottom line is that the Universal card is more limited that most prepaid cards such as the new no fee Chime Visa below, but the cash back benefit is a good deal if you do business with their featured merchants (for example, CVS Pharmacy is one of them, but Amazon and Walmart are not). Discover does still offer the Discover secured credit card (click for review)). Please read customer complaints and positive opinions below.
Finally, they offer the Discover cash back debit card which offers a flat rebate of 1% cash back (on up to a maximum $3,000 in debit card purchases each month). The Discover debit card offers a good rebate when compared to other cash back debit cards (click to compare with other debit card rebate programs). The Discover cashback debit card has no monthly maintenance fees or any other hidden fees, but please note that you have to open a Discover checking account to use their debit card.
One very low fee card option is the new No Fee Chime Visa Debit Card, (Referral Link) which can managed entirely from your smartphone and charges no overdraft fees, no monthly service fees and no transfer fees. No Chex systems. No minimum balance is required and Chime features over 38,000 fee-free MoneyPass® and Visa Plus Alliance ATMs (there is a map of all fee-free ATM’s in the app).
And for a limited time, earn a Cash referral bonus of $50 when you tell your friends and family members about Chime and they sign up (and they’ll earn $50 too)- details within the app after you apply!
Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your feedback on COVID-19 Coronavirus Checks Questions & Answers? (see the bottom of the page for reviews and to post questions) – this site is powered by you!
Updated 3/16/21! EIP Visas (Debit Cards) will be sent to U.S. citizens who do not have access to a formal bank account, or whose personal details are not on file with the IRS. Visas will take longer to produce so are expected to be sent around a week after the physical checks are sent (checks started going out this past weekend).
If you are getting Coronavirus Stimulus check, we suggest having your money deposited into a Chime Bank Account so you don’t get hit with fees that you would get with other prepaid cards.
If you are getting a Coronavirus Stimulus check, we suggest having your money deposited into a Chime Bank Account so you don’t get hit with fees that you would get with other prepaid cards.
It’s a real Visa card (not a prepaid debit card which usually have a lot more fees) and people with poor credit can apply too as there is no credit check. Chime can be managed entirely from your smartphone. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. No Chex Systems. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.
If you are expecting a COVID-19 stimulus check due to the Coronavirus Pandemic of $600, then you probably have a lot of questions you need answered like most all Americans. In this article we have outlined some of the most common questions concerning your Coronavirus Check.
Legal advisers stated last year that the stimulus money isn’t off-limits to debt collectors. Especially those who have their bank accounts garnished. There have been numerous State Attorney General offices that have requested the Treasury Secretary Steven Mnuchin to ensure creditors and debt collectors cannot touch the stimulus money.
There has not been much movement on this issue but keep checking back to get the latest updates. Also, please provide any questions or comments below you have concerning this issue.
The number one way to avoid scams by phone is to know the IRS is not going to call you demanding personal information such as social security number and/or banking information. And they will not require payment of any kind to get your stimulus funds.
Remember it is always best to deal directly with the IRS either at IRS.gov or by calling your local IRS office. As always, be very cautious of scams. Times like these are we scammers are out trying to get your personal information to steal your identity. Be careful.
According to the IRS, the “Get My Payment” tool on the IRS.gov website will be able to help those who are expecting to get a stimulus payment (please note this tool is down as of 1/4/21). Using this tool you will be able to check the status of your payment and when it is scheduled to be direct deposited into you bank account is you have it setup to be direct deposited.
Go to IRS.gov under the section “Get My Payment” to give the IRS your direct deposit information to you banking account. This feature is also available for those who filed tax returns in 2018 or 2019 and did not give any direct deposit information.
As always be very cautious of scams. Try to deal with the IRS only. And make sure you are on a legit IRS.gov website. As stated on numerous news stations the IRS does not need any personal information as a social security number to give you a stimulus check.
Yes. PayPal will allow you get your stimulus money deposited directly to you PayPal account. In order to do so, read the latest news from PayPal on what information they need from you to get you money on your account by clicking here.
If you did not file a tax return in 2018 or 2019 or your income level did not permit you to file taxes, then you do need to give the IRS some information to get your Stimulus Money. There is an online form you can fill out to give the IRS what you need by clicking here. But we first suggest trying to call your local IRS office. Be very cautious of scams.
The IRS also states, “If you receive veterans disability compensation, a pension, or survivor benefits from the Department of Veterans Affairs, or your income level does not require you to file a tax return, then you need to submit information to the IRS to receive an Economic Impact Payment.”
If you do not have a bank account, then this is a way of getting your money without having to wait around for a check. The Consumer Financial Protection Bureau said it is taking regulatory action to pave the way to make it easier for consumers to receive pandemic-relief payments, including the economic impact payments authorized in the CARES Act, through prepaid accounts.
We would assume the same goes for all prepaid debit cards where you have received your 2018 & 2019 tax refunds. We know taxpayers who have received their tax returns on prepaid cards through TurboTax will get there Stimulus money on their TurboTax debit card. We would assume the same goes for the other Tax Prep services such as Jackson Hewitt, H & R Block.
This will vary. The first round of stimulus money where mailed in late December.
The IRS plans to have an online tool to be able to check the status of your payment, including the dates it is set to be deposited or mailed. You can go to: IRS.gov/eip
If you received your federal tax return through direct deposit, you will receive your Coronavirus Stimulus money through the same direct deposit account. In other words, if you have given the IRS direct deposit information to receive your tax returns then the IRS will use the same information to deposit your stimulus money.
If you received your tax return via a check and you have not given the IRS any direct deposit information you will be receiving your Coronavirus Stimulus Funds by check.
Tax Payers who have filed their taxes with TurboTax and have setup direct deposit when they filed to receive their tax returns onto a prepaid card will also receive their Coronavirus Stimulus Checks through their TurboTax Prepaid Card.
If you did not setup an authorized account for direct deposit through TurboTax when you filed your taxes you will receive a paper check for your Coronavirus Stimulus funds.
As a prepaid card consumer we know you have a lot of questions. That is why we have tried to provide you answers to some of the most common questions we have been receiving due to the Coronavirus Pandemic. As always we urge you to provide us you questions and comments that we have not covered at the bottom of this article. Remember this site is powered by you.
We hope this article has helped you get all you need concerning the COVID-19 Coronavirus Checks Questions & Answers. Please leave us your comment and additional questions below and we will get back to you.
Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your opinion as to whether the Green Dot prepaid debit card is a good deal (see below) – this site is powered by you!
Unlike almost all card comparison sites that only list cards that advertise with them, 85% of the cards on our site don’t pay us a dime.
How the Green Dot Reloadable Visa Debit Card Works
Just like many other prepaid debit cards, the standard Green Dot Prepaid Visa® Card (which is what this review will focus on) works like a bank debit card or ATM card. However, depending on what you load your Green Dot prepaid card to do, the working can vary a little. You can load the card to put money on other prepaid cards, debit cards or credit cards; and even to pay some specified bills.
Now, depending on the service that you will be using your prepaid card to access, there are a number of benefits you may receive as compared to using bank cards. For instance, you can use the Green Dot card to get some discounts on online shopping. In some cases, you may also be rewarded with points for using the card.
However, please note that the card has a pretty high monthly maintenance fee of $7.95 if you do not do a monthly direct deposit of at least $1,000 (which is a high amount as well compared to other prepaid Visa cards). Also, there is a $1.95 fee to purchase the card (activation fee) and a cash reload fee of $5.95, which is high as well in comparison to other similar prepaid card offers (bad features).
Good Benefits of using the Green Dot Reloadable Visa Card
You can track spending on the go using the Green Dot mobile app.
You can apply for this prepaid debit card whether you have a bank account or not and you will not be subject to a credit check before you are provided with the card.
You will be able to fill other prepaid cards, debit cards or even credit cards easily with the Green Dot MoneyPak. On the same note, you can use the card to pay bills, withdraw cash from ATMs and even shop online.
You will have no long usage commitments. This means you can choose whether to use it or not.
You will not be subject to any penalty charges and overdraft fees.
Finally, the card is reloadable meaning that you can top up the money on the card using direct deposit, MoneyPak or even bank money transfer services.
Important Consumer Note!
The Greendot debit card does NOT help you improve your credit.
Registering for Green Dot Prepaid Debit Card
There are two ways to get a Green Dot reloadable Visa prepaid debit card. You can register online and setup your account or purchase a card at a retail location. Both options are simple. However, by registering online you can avoid the fee associated with purchasing a card in-store. You will be required to load the card before you can make purchases.
When registering, you may be required to submit some of your personal details including the provision of your social security number. After registration, you will be provided with a non-reloadable temporary prepaid card that you will use until you are provided with the reloadable prepaid card. It is important to note that the temporary card will not have access to some services like ATM usage, and it may be limited for use in the United States only.
As per the provision of Federal laws, Green Dot will have the responsibility of obtaining, verifying and recording relevant customer information that can be used to identify them (customers). Some of the basic information that Green Dot may require from you when registering for a Green Dot reloadable prepaid debit card include your name, date of birth, social security number and address.
Is the Green Dot Prepaid Visa Debit Card a Good Deal or Bad? (Summary)
The Green Dot prepaid card may be a good deal for you, but be sure to review our other prepaid card offers which have less fees, such as the new no fee Chime Visa below, and different benefits. The monthly membership fees on Green Dot are high if you don’t have a direct deposit every month.
The bottom line is that it may or may not be the best reloadable card for you depending on how you use it. You should compare prepaid cards carefully to be sure you choose the prepaid card that’s most cost efficient for you.
Related New Visa Card to Compare to Green Dot (Works Like Greendot Debit but has No Fees):
People with poor credit can apply too as there is no credit check (No ChexSystems either). Chime can be managed entirely from your smartphone. No hidden fees. No overdraft fees. No minimum balance. No monthly service fees. No transfer fees. Over 38,000 fee-free ATMs, plus 30,000+ cash-back locations.
If you’re like most Americans, you’re carrying a significant amount of credit card debt, but unless you’re proactively looking for lower-rate cards, you’re probably paying too much in interest.
A number of financial institutions have credit card balance transfer applications with a 0% APR on balance transfers for periods up to 21 months (apply securely online in mins) (Sponsor Link) with fees typically around 3-4% of the transferred amount and others are offering 0% on new purchases for up to 18 months (the best offers have 0% introductory rates on both purchases and balance transfers).
We also have a few very rare no fee balance transfer (BT) Zero or 0% offers for up to 15 months below. Also, one offer is as low as 3.25% for 3 years and another is as low as 6.9% for the life of the transfer (no expiration!). None of these offers advertise with us.
Depending on your situation, you might be better off paying a fee if you can get an offer that lasts 21 months (see link above). You just have to do the math and figure out realistically how long it’s going to take you to pay off the balance that you transfer. 🙂
Questions or Concerns? Please feel free to post at the bottom of this page in the customer or cardholder reviews section and an expert will typically reply within 24 hours (and read reviews from other consumers)!
The bottom line is that if you are looking at financing some expenses and already are carrying around some debt, a balance transfer credit card can be a great move in 2020. If you would like to pay off a new purchase, take a look at some of the 0% APR purchase offers noted below as well (none of which charge fees).
Please note that while offers are not in ranking order, our favorite no transfer fee offers have 3 asterisks (***) beside them and all are screened carefully by our editors.
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Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc.
Your input is invaluable and we’d love to have your opinion on what the Best 0% Credit Cards with No Balance Transfer Fee Offers are. See below our Editor’s Picks section to read consumer or customer reviews of the best offers and post your own opinion – this site is powered by you!
Important Consumer Note! Please be careful when comparing balance transfer offers online- almost all sites ONLY list credit cards that advertise with them (about 80% of our card offers don’t pay us a dime- we list our advertisers as featured cards and/or sponsored links) and a few sites claim to have no fee 0% balance transfers, but actually are no fee 0% rates that APPLY ONLY TO NEW PURCHASES (and not to balance transfers). 🙁
Also, please be advised that your credit score needs to be good (685-750+ range or higher) to qualify for the longest balance transfer rates- the credit standards to qualify for the best offers have increased due to fallout from Covid 19. In other words, the credit score requirements to get approved are even higher now due to the Coronavirus.
Citi offers two notable balance transfer cards. The Citi® Diamond Preferred® Card offers a concierge service for those who are looking for help making travel and entertainment arrangements.
Both cards offer a zero or 0.00% APR on balance transfers and purchases with no annual fee. Diamond offers 0% on transfers for 18 months (and 0% for 18 months on purchases) and Simplicity offers 0% on balance transfers for 18 months (and 0% for 18 months on purchases).
All transfers must be completed in first 4 months of card membership. The upfront balance transfer fee is $5 or 5% whichever is greater (which is higher than the normal 3% charge). After the promotional period expires, the Simplicity rate changes to 14.74% – 24.74% and the Diamond card will range from 12.9% to 24.74%.
Both of these are variable rates, so as the Prime Rate moves, so will these rates. Citi Simplicity is famous for its “no-fees” approach. They are the only card with no late fees, no penalty rates and no annual fees.
The Chase Slate Card previously (see important note by clicking link immediately above) featured a rare no balance transfer fee 0% for 15 months (the longest no fee transfer offer we are aware of that has been around for a long time), then an APR of 23.74%.
The Blue Cash EveryDay® Card from American Express offers a 0% APR for 15 months on balance transfers and purchases. The go to rate is 12.99% to 23.99% depending on your credit rating. 3% balance transfer fee.
May 2020 Update!The following American Express Everyday Card offer appears to no longer be available. Please post below if you have any information.
If you’re in their service area, which includes Arizona and Austin, Texas, TruWest Credit Union offers a 0.00% APR on both purchases and balance transfers for 18 months. This comes with a 3% transfer fee, and if you qualify, a rewards program that can net points that you can turn into travel, gift cards, or up to 1.5% cash back (though we don’t normally suggest using a card for rebates if you do a balance transfer).
You can transfer debt from department store cards and other financial institutions (other than credit card issuers) using the 18 month offer – not every issuer will let you do this (Chase for example only allows you to transfer credit card debt in certain situations).
Citizen’s Bank, headquartered in Providence, Rhode Island, offers 0% on balance transfers (no special pricing rate on purchases) for 18 months from the account opening date on their Citizens Bank Clear Value® MasterCard®. There is a standard 3% balance transfer fee.
Afterwards, the rate changes to 14.99%-22.99% based on your creditworthiness and the rate will vary based on LIBOR, which is the he London Inter-bank Offered Rate (and is not based on Federal Reserve prime rate that almost all cards use). The card is available nationwide and you can apply online or by phone (you can apply in person at one of their branches in the Northeastern part of the country). Click here to compare the Citizens Bank card with other 0% APR cards here that up to 21 months (3 months longer than Citizens offer). (Sponsor Link)
Capital One Quicksilver Cash Rewards Card – 0% Intro APR for 15 Months (Non Advertiser)
This 0% cash back card offers a one-time $150 cash rebate bonus after you spend $500 on purchases within 3 months of opening your account (though we do NOT suggest using a card for purchases after you transfer a balance to it).
Chase Freedom 0% for 15 Months on Purchases and Transfers (Non Advertiser)
Features a 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 14.99% to 23.74%. Balance transfer fee is 3% of the amount transferred (3% is a typical fee), $5 minimum. Please note that the intro Balance Transfer 3% Fee is only available for the first 60 days after you apply- it goes up to a 5% fee after 60 days.
HSBC offers a zero or 0% on both purchases and balance transfers for 18 months from the account opening date on their HSBC Gold Mastercard® credit card. There is a balance transfer fee of 4% or $10, whichever is greater. Like most 0% offers, you should not apply if your credit is bad.
This particular offer is best for those with a credit score 660+. Afterwards, the ongoing rate changes to 14.49%, 18.49% or 24.49% based on your creditworthiness. The APRs will vary with the market based on the Prime Rate. The card is available nationwide and you can easily apply online. HSBC also offers other cards with 0% APR introductory offers balance transfers and purchases. Also features a Late Fee Waiver (unique benefit) and no penalty APR if you’re late on a payment.
The BankAmericard® credit card (MasterCard) is a balance transfer credit card offer worth considering if you aren’t a Bank of America customer (anyone can apply as long as your credit is good). It features a 0% introductory APR on both purchases and balance transfers for 15 billing cycles (for the first 60 days your account is open).
A 3% balance transfer fee applies (minimum of $10), which is typical for most similar offers. It can make sense to pay this fee because few 0% offers last for 18 months (most are 12 months in length).
The regular purchase APR after the introductory rate expires is between 14.49% – 24.49% variable. Also, BofA has No Penalty APR – meaning that if you make a payment late, it won’t automatically increase your interest rate (APR). However, please note that you can lose your balance transfer promo rate if you default on your account. One nice cardholder perk is that you will get your FICO® Credit Score for free (though many card issuers offer this same benefit now). Compare the Bank of America offer with other 0% APR cards from other card issuers. (Sponsor Link)
Expert Commentary: We asked Steve Rhode, the founder of GetOutofDebt.org, and he provided some wise advice on balance transfers. “All balance transfer offers need to first be evaluated in context. These are marketing offers designed to induce you over to a new account or creditor in hope you will carry a balance past the introductory period and have to pay interest on the remaining balance. The smart financial move here is to repay the full balance before the introductory period ends, if possible.“
Discover it® – 0% for 14 Month Balance Transfer Offer* (Non Advertiser)
The Discover it card has an offer to transfer balances with a 0.00% interest rate for 14 months (online application link) and also offers 0.00% on new purchases for 14 months. This card comes with an intro 3% balance transfer fee until April 10, 2020, then goes up to 5%. After 14 months, the rate will vary from 13.49% – 24.49%. Click here to “Learn More” about this card.
As you might expect, the Santander Sphere® 18 Month offer is a 0.00% APR on balance transfers for a full 18 months provided the transfer is made within 90 days of opening the account. The downside of this offer is a slightly larger balance transfer fee.
For most cards, the fee is 3%, but for the Santander Sphere, it’s 4%. For many, the extra three months of no interest will be well worth paying an additional percentage point in fees. After the promotional rate expires, remaining balances will shift to the current variable purchase rate which is 14.49% to 24.49% pending creditworthiness. Later on, we’ll show you how to use an online balance transfer savings calculator to see where you stand.
In addition, Santander is one of the relative few balance transfer cards that offers a rewards program. They offer one point per dollar spent, and points can be exchanged for travel, gift cards, or cash back. They also offer 0% for 18 months on purchases. Cards are available nationally, but you must apply in person at a local branch. All branches are located in the Northeastern United States.
Consumer Experience:We spoke with a retired teacher with over $50,000 in credit card debt. “When I was thinking of transferring, I was looking at offers no longer than 12 months. I was afraid I could not pay it off in 12 months, so I did nothing. On hindsight, even if I did not have it all paid off before the intro time period ended, I still could have possibly saved thousands in interest during that time.”
The 3 year term offer is much longer than the typical 0% offer and has become more appealing as the prime rate has dropped in the past year. The prime rate is currently 3.25%. So, new cardholders will enjoy 3 years at an intro APR of 3.25% with the Prime Rewards Card on balance transfers made in the first 60 days.
Enjoy a special 0% introductory APR* on purchases and balance transfers for 20 billing cycles and thereafter, a variable APR applies, currently 13.99% – 23.99%. Fee is 3% of the amount of each transfer or $5 minimum, whichever is greater. As an added benefit, cardmembers enrolled in online banking can obtain their TransUnion® Credit Score at no cost.
Although not a zero or 0% APR, great savings for the long-term can be found with a card from NASA Federal Credit Union*** (anyone can join this credit union). They offer three different cards that offer as low as 6.9% – 17.99% APR (your rate will depend on your application screening) on balance transfers for the LIFE of the balance (rate will not go up as long your account is in good standing!) with no balance transfer fee.
You have to complete the transfer within 90-days of opening your account and your ongoing purchase rate will be based on creditworthiness). After three years if you qualified for a 9.9%, that would be a savings of $3,408 on a $16,000 balance with no balance transfer fee up front.
Simmons Bank*** in Arkansas also offers a 0% balance transfer rate for 12 months (3% fee) with their Visa Platinum card. After the introductory 12 months 0% APR, the rate goes to a low 8.25% (Non Advertiser) and NO balance transfer fee. This card is available nationally, but you need good to excellent credit to qualify.
Finally, Navy Federal CU (non advertiser) offers a 0% rate on its Platinum Visa for 12 months on balance transfers with no fee. After that, the rate goes to 7.49% – 18.00% depending on your credit rating and application review.
The only downside is that you must have a military affiliation to apply for their card as Navy Federal is a credit union. Also, please note that Navy Federal can only accepts balance transfers from other card-issuer accounts – balances from other creditors are not eligible for this offer.
The Feds Recently Cut Rates
Credit card interest rates have been steadily rising since late 2016, but the good news for consumers is that the Feds just cut rates significantly due to the Covid 19 health crisis. This will lower the purchase APR rates on all credit cards, including the ongoing rates after the introductory rates expire on balance transfer offers (the go to rate after a 0% rate ends).
Unfortunately, this rate cut may NOT result in any more 0% offers than are currently available (and we may see less 0% offers as the economy is hurting) and may not result in longer term introductory offers (how long the intro rate lasts). We will have to wait and see. 🙂
According to experts, the possibility for additional rate hikes in 2020 from current levels is not likely, but could still happen. The bigger risk in our opinion is less 0% offers and credit card companies getting more strict regarding who they approve (making it harder to qualify for a good 0% offer unless your credit is really good- 700+ range). If you have a significant credit card balance, even a small rate increase can represent a much larger payment or longer payment period.
Transferring your debt into a single or multiple balance transfer cards can be an excellent move to lock in low rates and protect yourself against these rate increases. Above we list some of the longest balance transfer cards, which are at least 15 months in duration. Our partner site offers a more comprehensive comparison of 0% balance transfer offers that are less than 15 months*, including a few no fee 0% cards (no balance transfer fee).
Above, we will share some of our favorite no interest credit card balance transfer offers with you. With the prospect of higher interest rates, now is the best time to transfer balances from high interest credit cards and consolidate to a card with a 0% APR introductory time period. Imagine the interest savings going from 13 to 20%+ down to 0% on existing balances for 12 to up to 18 months.
We wish you well in your card research and selection and sincerely hope that you realize true savings as you pay your balance down through 2020. Click here for more information, including tips and tricks regarding balance transfer credit cards.
Balance Transfer Cards 101
The general premise behind balance transfer cards is simple. They will allow you to transfer your balance from other credit cards—for a relatively small one-time fee (typically 3%)—and give you a 0.00% interest rate on your balance transfer for several months (typically for 6 to 12 months). They’re betting that you will either not pay off the entire balance in time, or that you will make new purchases that will be subject to interest charges.
Still, if you’re disciplined, one of these cards can make a big difference in your financial picture. Here’s a test. Take your last credit card statement and look at how much of your payment went to your principal and how much went to interest. Now imagine if the entire payment went towards your principal. If you get a sick feeling in your stomach, you’ll want to investigate these cards.
Below, we will answer some typical questions posed regarding balance transfer or 0% APR credit cards.
Please note that we have been in a rising rate environment for the last couple of years or so, but fortunately the Feds cut rates recently by .25% three times (at the end July and in Sept and Oct of last year). But no one knows whether rates will go up or down going forward. As a result, we advise that you lock in a 0% balance transfer rate now as they may become more scarce going forward. Be sure to share balance transfer tips and read tips from other consumers at the bottom of this page
What is the definition of 0% Intro APR? This is an introductory offer provided by the card issuer for a set amount of time where a 0% interest rate is applied to either a balance or balances transferred or to future purchases. Most offers are for balance transfers, but there are also offers for 0% APR for purchases for a set amount of time. Most time periods range between 12 and 21 months on 0% offers.
What exactly is a 0% APR credit card? A 0% APR credit card is a card that is offering a 0% rate on balance transfers and/or purchases for a set period of time. Although many offers are for one or the other, you can find offers where both balance transfers and purchases are offered for an introductory 0% APR interest rate. These cards are great for transferring one or more balances from existing credit cards, effectively paying off those cards and consolidating that debt into one payment. You may also hear about zero interest credit cards, which is just another way of referring to a 0% APR credit card.
What is the national average interest rate for credit cards? At the time of this writing, according to federal reserve data dated for November 2019, the national average interest rate for credit cards (all accounts) for purchases is 14.87 percent and those with assessed interest average to 16.88%. According to a study by Gobankingrates.com, credit card rates tend to fall between an average of 11 and 17 percent currently with student credit cards, balance transfer and low-interest cards offering the lowest rates. On the low end, you may find rates as low as 7.24% or on the higher end of the spectrum, you can see rates as high as 23-29%.
What is a go-to rate? A go-to rate is the interest rate offered for purchases or balance transfers after the introductory time period is over. This is typically the purchase APR or purchase rate for the credit card. If you received 12 interest-free months at 0% APR, when that period ended, your remaining balance would then be charged interest at the current purchase rate. This typically averages between 11 and 17 percent based on your credit score and the type of credit card. Lower credit scores will typically have higher purchase rates.
How do you choose the best 0% APR offer? This entirely depends on your situation and how you need to use the 0% offer. For example, if you currently have $10,000 in debt on credit cards at 17.99%, it might be in your best interest to transfer that debt to a card offering a 0% balance transfer offer for 12-21 months, especially if you think you can pay it off during that time period. If, on the other hand, you know you have large purchase you need to make, you may want a credit card offering a 0% APR for purchases for the longest time you can find.
One key thing to take into account when transferring a balance from existing cards is the balance transfer fee. Most nationally available cards have between a 3% and 5% balance transfer fee, with a minimum of $5 or $10, whichever is greater. Overall, you can find $0 or free balance transfer fees up to 5%, depending on the card and the issuer. Be sure to note what that fee is before transferring a balance. One other thing to note is whether there is an annual fee. Most cards do not have an annual fee, but it never hurts to check before you apply.
Online Balance Transfer Calculator
The devil, as they say, is in the details, and the details of your financial situation aren’t necessarily going to be the same as those of anyone else. As a result, we recommend using an online Balance Transfer Calculator to calculate just which card is going to be the most useful for your situation.
According to a 2016 American Credit Card Debt Study, a typical American family carrying balances on credit cards has about $16,000 of credit card debt with an average interest rate of 15%.
Transferring that debt to a card with a 0.00% APR for 18 months with a 15% APR after the introductory period would cost $480 for the standard 3% transfer fee, but would save $3,120, overall a savings of $2,640.
If you don’t think you can pay off your entire debt in the introductory period, getting a lower interest rate after the introductory period can produce wonders. For example, that average family with $16,000 in credit card debt paying a 15% APR would see $3,203 in savings during the introductory period with a credit card that features a 4.99% transfer APR for 24 months and no transfer fee. Assuming a $5,000 remaining balance and a 9.99% post-promotion rate, the family could also save an additional $250 on interest the first year after the introductory period is over.
When reviewing these cards, we do our best to put ourselves in your shoes. We choose cards based on such things as maximizing savings through promotional interest-free periods, (lack of) fees, finance charges and ease of use. In other words, if we wouldn’t use these cards ourselves, we wouldn’t recommend them!
* NOTE: We are proud that the majority of cards that we list (about 60%) are cards that don’t advertise with us― almost all of our competitors ONLY list cards that advertise with them. About 40% of the credit card offers that appear in this article are from credit card companies from which we receive financial compensation (these cards are listed as such on our site). They are noted above with an asterisk.
The bottom line is that we don’t know of another site that prominently lists as many non-advertiser cards! Please note that rates are current as of the publishing date of this article and should be verified prior to applying.
Co-written by Curtis Arnold, a nationally recognized consumer advocate and founder of CardRatings.com, the pioneering website that started posting the first credit card ratings online around 20 years ago, and Shane Tripcony, personal finance blogger and web marketing consultant. Curtis and Shane are the founders of BestPrepaidDebitCards.com, which provides ratings and reviews of prepaid cards and credit cards.
Please note: “The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.”
Please read and share your customer or cardholder reviews of the best 0% BT offers below.
Welcome to our site! Our editors have been covering the credit and debit card space for a total of 30+ years and we are proud to have been featured by the Wall Street Journal, CNN, etc. Your input is invaluable and we’d love to have your comments on What is a Prepaid Debit Card? (see below) – this site is powered by you!
Courtesy of Linda Sherry, Director of National Priorities for Consumer Action, here is a comprehensive list of fees associated with prepaid debit cards.
What is a Prepaid Debit Card? Glossary and Common Prepaid Debit Card Terms.
Purchase fee. This is a one-time charge for buying the card, generally in a retail location.
Activation fee. A one-time charge that is also known as an opening fee, initial load fee or set-up fee, can range from free to $30 or more. This is a fee that must be checked carefully, particularly if you also have to pay to buy the card (see purchase fee above).
Monthly “maintenance” fee. This is a common fee that can vary widely, up to $10 per month; may be reduced or waived if monthly reload minimum is met or you set up direct deposit; some cards may also charge an annual fee.
Reloading fee. This fee is charged for adding funds to the card, which can vary by type or source of funds (cash, for example); third-party fees for cash loads made at agents (such as a participating chain of stores) also may apply.
Funds transfer fee. This kind of fee may be charged on certain funds transfers, such as from one card to another or from a bank account to the card.
Purchase transaction fee. This fee may be waived with a minimum number of transactions in the month or with direct deposit; may be charged on debit (personal identification number, or PIN) transactions and not on credit (signature) transactions, or vice versa.
Denied transaction fee. This fee may be charged if you try to make a purchase or an ATM withdrawal that exceeds your account balance.
Overdraft (or shortage) fee. This type of fee is charged by the relatively few cards that will allow you to spend more than you have loaded on the card; typically ranges from $10 to $25 or more.
Cashier withdrawal fee. This fee may be charged when cash is withdrawn at a bank or an agent location.
ATM withdrawal fee. A fee charged for withdrawing money from an ATM (unless the card offers free withdrawals at participating ATM locations or a certain number of free ATM withdrawals per month); another, separate fee of $1 to $3 is taken by most ATM owners/operators.
Balance inquiry fee. This fee may be charged for getting your balance statement at an ATM.
Foreign currency conversion fee. This type of fee is charged if you use your card outside the U.S. (typical for credit and debit cards, too).
Inactivity fee. This fee may be assessed if you don’t make at least one transaction in a certain period (typically 60 or 90 days).
Card replacement/reissue fee. This fee may be charged if your card is lost or stolen.
Paper statement fee. A type of fee charged for requesting a paper statement rather than viewing your statement online.
Customer service fee. Some card issuers charge this fee when you contact a live customer service representative (as opposed to using the automated help system); some cards may even charge a small fee for using the automated phone system.
Closure fee. This type of fee is charged when you close the card.
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