| Credit Cards | Intro Balance Transfer APR | Regular Balance Transfer Rate | Membership requirements |
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The best no-fee balance transfer credit cards are issued by credit unions, which require membership for all cardholders. Becoming a member can be tricky if you don’t live near a particular credit union or work for a qualifying organization, like the military or an affiliated company. That said, here are some workarounds you can try:
The following balance transfer credit cards are worth considering despite charging balance transfer fees. In general, they’re easier to qualify for because they’re issued by national banks rather than credit unions. They also provide longer 0% interest introductory periods, which could help you save thousands on interest payments if you’re able to pay off your balance before the intro period ends. Plus, many of them offer rewards, making them valuable long after you’ve paid off your balance.
Balance transfer credit cards offer 0% introductory APR periods on balance transfers ranging from 6 to 21 months. This means that every penny of your monthly payments will go toward your balance during the promotional interest-free period. The best cards for balance transfers help you save money by waiving balance transfer fees (typically 3% to 5% of the amount of each transfer) or offering long interest-free introductory periods to pay off your balance.
There are limitations to consider. You can’t transfer balances between cards from the same credit card company, or issuer. For example, you can’t transfer a balance from one Citi card to another Citi card. You’ll also need to make your transfer within a set time limit in order to take advantage of the promotional interest rate. This time limit is called a balance transfer window, and it’s typically 60 days from the date you open your account.
A balance transfer fee is exactly what it sounds like — a fee you pay every time you transfer a balance to a new card. Balance transfer fees are typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).
When you transfer an existing balance to a card that charges a balance transfer fee, the fee will be added to your balance at the time of the transfer. So instead of paying the balance transfer fee upfront, you can pay it off over time as you pay down your transferred balance.
The balance transfer fee will reduce the amount you’re allowed to transfer. For example, let’s say you’re approved to transfer a maximum of $5,000 to a card with a 3% balance transfer fee. The balance transfer fee of $150 ($5,000 x 3% = $150) will lower the amount you can transfer to $4,850 ($5,000 – $150 = $4,850).
The main benefit of a no-balance transfer fee credit card is that you’ll save money by avoiding the balance transfer fee. These fees generally range from 3% to 5%, which means you would save between $180 and $300 on a $6,000 balance.
A card with no balance transfer fee can often save you more than transferring to a card with a longer intro period, especially considering that the ongoing interest rates on these cards also tend to be lower. As you can see in the comparison table below, the no-balance transfer fee card has a lower overall cost for transferring and paying down a balance compared to the card with a longer 0% APR.
| Card A (balance transfer fee) | Card B (0% transfer fee) | |
|---|---|---|
| Intro APR | 0% for 21 months | 0% for 12 months |
| Regular APR | 22% | 14% |
| BT fee | 3% | 0% |
| Cost to transfer $6,000 balance | $180 | $0 |
| Interest paid ($300 monthly payment) | $0 | $137 |
| Overall cost | $180 | $137 |
Calculating how much a balance transfer fee will cost you is pretty straightforward. Simply multiply the amount you plan to transfer by the balance transfer fee. For example, if you want to transfer a $10,000 balance to a card that charges a 5% balance transfer fee, the fee will equal $500 ($10,000 x 5% = $500).
As mentioned earlier, the balance transfer fee will be subtracted from the initial amount you’re allowed to transfer — reducing that amount to $9,500 ($10,000 – $500 = $9,500).
There are a few things to look for when it comes to choosing a balance transfer credit card. In addition to choosing a card with no or a low balance transfer fee, you’ll also want to make a plan to pay off the total amount of the transfer within the promotional period. You’ll be charged interest on any balance remaining after the promotional period ends.
| A no-balance transfer fee credit card is a good choice if: | A no-balance transfer fee credit card is a bad choice if: |
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After you’re approved for a balance transfer credit card, you’ll need to initiate the transfer online or by phone with the new credit card company. Be ready to provide information about the account where you currently owe a balance, including:
You should remain current on your existing credit card payments until you receive confirmation that your transfer has been completed. It may take up to three weeks for your balance to transfer.
To avoid paying interest on your balance transfer, you’ll need a credit card that offers a long 0% APR introductory period on balance transfers. Generally, you will find longer introductory offers with cards that charge a balance transfer fee. If you’re transferring a large balance, the money you’ll save on interest payments will offset the balance transfer fee if you’re able to pay off the card before the introductory period ends.
Major banks like Chase and Bank of America don’t offer balance transfer credit cards with no transfer fees. Most no-fee balance transfer credit cards come from credit unions, which may be available regionally or have restrictions to qualify.
Depending on the issuer, a balance transfer can take several weeks to process. With Chase balance transfers, for example, most transfers are processed within one week; however, they may take up to 21 days. Similarly, the typical American Express balance transfer takes five to seven days, though some can take up to six weeks.
When you apply for a new balance transfer credit card, a hard inquiry will appear on your credit report. This will lower your credit score by a few points and will remain on your credit report for two years, although the negative impact will lessen over time.
On the other hand, having more available credit can decrease your total credit utilization ratio, which may improve your credit score. As you make regular on-time payments to pay off your debt, you will likely see your credit score increase over time.
To get a balance transfer credit card that offers free balance transfers, simply find a card and apply. For the best chance of being approved for a credit card, make sure your credit score falls within the card’s recommended credit range.
To bring you our list of best balance transfers cards with no fee, we use an objective rating and ranking system that compares features across a large set of credit cards (over 200 of them from over 50 issuers). We use calculations to estimate the value of each card for the average cardholder, based on LendingTree and U.S. Bureau of Labor data.
Note, that our ratings are a starting point for comparing and choosing the best balance transfer credit cards. However, your balance transfer needs may be different from the average cardholder. You should consider the amount you’re likely to transfer and which benefits you value to choose the best card for you.
The information related to the ESL Visa® Credit Card, Hudson Valley Visa® Platinum Credit Card, BECU Visa Credit Card, Kinecta MyPower Credit Card, Navy Federal Platinum Credit Card, PSECU Visa® Classic, PFFCU Contactless Rewards Visa, OnPoint Signature Visa® with Cash Back Rewards, BethPage Mastercard® Low Rate Credit Card, Edward Jones Business Plus MasterCard Credit Card, CEFCU World Mastercard, CEFCU Cash Back Credit Mastercard, CEFCU Rewards Credit Mastercard, BankAmericard® Credit Card for Students, Bank of America® Unlimited Cash Rewards credit card and Wings Visa Platinum Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
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