For starters, you shouldn’t even consider a balance transfer credit card that doesn’t have either a 0% intro APR or a $0 balance transfer fee. And ideally, you want both. The easiest way to compare balance transfer credit cards is in terms of your total expected cost. In other words, how much will you have to spend on fees and interest charges while paying your balance down to zero? And the easiest way to crunch those numbers is with a credit card calculator.
But if you want to do things the hard way, we’ll try to make it as easy as possible for you. If you want to see how a 0% balance transfer credit card stacks up against a credit card with no transfer fee, divide the 0% card’s balance transfer fee by the length of its intro period (in years). For example, a card with 0% for six months and a 3% fee is basically the same thing as a card offering 6% and no fee (3% / 0.5 years = 6%). This is a rough way to convert a balance transfer fee into a balance transfer APR, thus turning an apples-to-oranges comparison into a level playing field.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.