No Balance Transfer Fee Credit Cards

The best free balance transfer credit card is Chase Slate because it offers an introductory APR of 0% for 15 months on balance transfers, a $0 balance transfer fee for 60 days, and a $0 annual fee. Chase Slate also gives 0% for 15 months on new purchases. It requires good credit or better for approval.

The other premier free balance transfer credit card is the Amex EveryDay card. It has an introductory balance transfer APR of 0% for 15 months, a $0 balance transfer fee for the first 60 days, and a $0 annual fee.

Rounding out the top three is a student card, surprisingly enough. The BankAmericard Credit Card for Students offers 0% for 15 months on balance transfers, a $0 balance transfer fee and a $0 annual fee.

There are a few more free balance transfer offers, too. But it’s important to remember that no balance transfer is guaranteed to be free. If you get the right card and repay what you owe by the time regular rates take effect, you’ll have yourself a free transfer. But if you have a balance remaining at that point, or you miss a monthly minimum payment along the way, you’ll end up owing interest.

Best free balance transfer credit cards:

• Chase Slate: 0% for 15 months on balance transfers, $0 balance transfer fee for 60 days, $0 annual fee.
• Amex EveryDay Credit Card: 0% for 15 months on balance transfers, $0 balance transfer fee for 60 days, $0.
• BankAmericard Credit Card for Students: 0% for 15 months on balance transfers, $0 balance transfer fee, $0 annual fee.
• Navy Federal Credit Union Platinum Credit Card: 0% for 12 months on balance transfers, $0 balance transfer fee, $0 annual fee.
• Edward Jones Business Credit Card: 0% for 12 months on balance transfers, $0 balance transfer fee, $0 annual fee for the first year and $25 after.
• Sportsman’s Warehouse Credit Card: Not Offered on balance transfers, $0 balance transfer fee, $0-$29 annual fee depending on creditworthiness.
• Citi Simplicity: 0% for 21 months* on balance transfers, 5% balance transfer fee, $0* annual fee.
• U.S. Bank Visa Platinum: 0% for 18 months on balance transfers, 3% balance transfer fee, $0 annual fee.

All in all, it’s difficult to find a balance transfer credit card that not only has a 0% intro APR but also charges no annual fee and balance transfer fee. Now, banks tend to offer either no balance transfer fee credit cards or 0% balance transfers, but not both.

If you’re a student or have at least good credit, though, you’ve got some good options.

Lifetime balance transfer credit cards are simply cards that offer the same balance transfer APR for the lifetime of your transferred debt. In other words, from the time you first transfer your balance to the time you pay it off, the terms of your interest rate will not change, unless you become more than 60 days delinquent. Most credit cards with no balance transfer fees, and any other cards that do not have introductory balance transfer APRs, can therefore be thought of as lifetime balance transfer cards.

While no credit card company would offer 0% on balance transfers for an indefinite period of time, it is not uncommon to find low rates on lifetime balance transfer credit cards. Thus, they are viable alternatives for anyone who a). won’t be able to get out of debt for a couple of years and b). values simplicity and predictability.

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.

Unfortunately not. Balance transfer fees are actually among the least-clearly-expressed account terms on credit card applications, according to WalletHub research. So you might have to scour the fine print or use the “Ctrl + F” hot-key command (if you are applying online) to find it. Even if the application is for a no transfer fee credit card, the lack of a fee will still be listed in the terms and conditions.

A balance transfer credit card can be your ticket to savings and out of credit card debt. But you need to use it responsibly. If you don’t, you could wind up making the situation worse.
With that in mind, here are a few balance transfer mistakes to avoid:

1. Assuming 0% balance transfer offers are always around: People often think they can just hop from one 0% balance transfer card to another until debt-free. But if the music stops and you’re stuck with a big balance and a high regular APR, this will prove to be a very costly mistake. And when the economy takes a turn for the worse, it’s very possible that no 0% transfer cards will be available, especially those with no transfer fee.
   
2. Overestimating your ability to pay: This will result in more of your debt being exposed to a card’s regular APR. Considering that the average 0% balance transfer credit card has a regular rate of 17.51%, you certainly don’t want that.
   
3. Forgetting that most regular APRs are variable: When interest rates are hovering near historical lows, there’s really only one way variable rates can go. And it’s not down.

Finally, failing to use a balance transfer credit card calculator is a big mistake. This type of free tool is the best way to plan your payments and estimate your savings. And it will help you pay off what you owe before expensive regular rates kick in.

When people talk about no fee credit cards, they usually mean those without annual and monthly membership fees. But some folks want more: a truly fee-free credit card, with no past-due fees, over-limit fees, balance-transfer fees or foreign-exchange fees, either. Cards lacking all such fees do indeed exist. The PenFed Promise Credit Card is one good example. However, there are two important things you need to understand about such offers:

First, if you need a card without over-limit and past-due fees, you shouldn’t be looking for a credit card at all. The damage you’ll do to your credit by missing payments or maxing out your spending limit will surely outweigh whatever you save by avoiding fees for those offenses. This is especially true in the post-CARD Act era, as penalty fees can’t exceed the actions that trigger them. For example, if you spend $5 more than your allotted credit limit, the maximum fee would be $5.

Secondly, there’s no perfect credit card. Every offer has its fair share of pros and cons, and credit cards that lack fees entirely usually compensate by offering worse rewards or interest rates. That’s why credit cards without balance transfer fees have relatively high APRs, why rewards cards without fees tend to offer reduced earning rates, and so on.

The moral of the story is that you should compare credit card offers solely based on the features that will affect you most, given your spending and payment habits. After all, if you plan on using your card for rewards, why would you care if it has a balance transfer fee?

The value of a balance transfer card depends on four main factors:

1. Balance transfer fee
   
2. Introductory APR for transfers
3. Length of the introductory period
4. Regular APR (applies once the intro terms expire)

It can be difficult to balance all of these terms. So we recommend using a balance transfer calculator. This will help you determine not only how long it will take you to pay off your balance, but also which balance transfer credit card will save you the most money.

If you anticipate being able to repay your full balance within a card’s 0% intro period, you can focus on avoiding a balance transfer fee. The regular APR won’t affect you, after all.

But if you don’t think you’ll be approved for a card with a long enough 0% intro period to repay your full balance, the regular rate will indeed come into play. And the card with the longest introductory period won’t necessarily be the best balance transfer credit card for you. So you’ll have to compare the cost of paying down what you owe with each card you’re considering. And you’ll need to take into account how much you expect to owe at the end of each card’s 0% period as well as how expensive that amount will be, in light of each card’s regular APR.

Finally, don’t make the mistake of assuming another balance transfer credit card will be available to bail you out if you don’t reach debt freedom by the time regular rates take effect. Many people learned this lesson the hard way during the Great Recession.

A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or credit card. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months. Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and is calculated by multiplying the day’s ending balance by the balance transfer APR and then dividing that number by 365.

The balance transfer APR is one of a number of different credit card APRs. A credit card will also include separate APRs for purchases and cash advances. In many cases, there’s also a penalty APR for late payments.

When comparing balance transfer credit cards, it’s important to look at more than just the introductory balance transfer APR. Applicants should also consider the card’s regular APR, along with its transfer fee and annual fee. It’s important to consider how long it will take to repay the transferred debt, too.

What is the balance transfer APR on popular credit cards?

• 0% balance transfer APR for 21 months: Citi Simplicity. 5% transfer fee. 16.49% - 26.49%* (V) regular APR.
• 0% balance transfer APR for 18 months: Discover it Balance Transfer. 3% transfer fee. 13.74% - 24.74% (V) regular APR.
• 0% balance transfer APR for 15 months: Chase Slate. 0% transfer fee for the first 60 days. 16.74% - 25.49% (V) regular APR.
• 0% balance transfer APR for 14 months: Discover it Cash Back. 3% transfer fee. 13.74% - 24.74% (V) regular APR.
• 0% balance transfer APR for 12 months: Bank of America Cash Rewards. 0% transfer fee for the first 60 days. 15.74% - 25.74% Variable regular APR.
• 0% balance transfer APR for 6 months: Aspire Federal Credit Union Platinum Mastercard. 2% transfer fee. 8.9% - 18% (V) regular APR.
• 5.25% balance transfer APR for 36 months: SunTrust Prime Rewards. 0% transfer fee. 12.99% - 22.99% (V) regular APR.

In most cases, you will need a credit score of 700 or better to qualify for a credit card with a low balance transfer APR. Issuers will also review your income, employment status, payment history, debt level, housing information and more.

When you transfer a balance on a credit card, what happens is the new credit card’s issuer pays your original creditor for the amount transferred. Once the balance is transferred, you will owe your debt to the issuer of the balance transfer card. You can transfer most types of debt to credit cards, including balances from car loans, student loans, HELOCs, mortgages and other credit cards. Not all issuers allow all types of transfers, though. Plus, the amount you transfer cannot exceed your new card’s balance transfer limit, which may or may not be the same as the overall credit limit.

People usually transfer a balance on a credit card to take advantage of lower interest rates, especially 0% APR transfer offers. These give you a certain number of months after account opening to repay your balance without interest. However, transferring a balance usually involves a fee: 3% to 5% of the amount transferred is the norm.

Here’s what happens when you transfer a balance on a credit card:

1.The card issuer transfers funds: Once your transfer application is accepted, the card issuer will typically send a check to the old credit card or loan issuer.

2.The debt moves to a new issuer: You now no longer owe the balance to your old creditor. Instead, you owe it to the issuer of the balance transfer card. Ideally, the card should have a lower APR.

3.The card issuer charges monthly payments: Your monthly statement will tell you the minimum you must pay to keep your account in good standing, but it’s best to pay off as much as you can each month. Try to pay off your entire balance by the end of any 0% intro period, or you’ll owe interest.

4.Interest accrues: Ideally, your balance transfer card will have a long 0% interest period. But once that period ends, you will owe interest at the card’s regular APR on any balance that remains. Interest compounds daily.

When selecting a balance transfer credit card, look for an APR that will lower the overall cost to repay your debt. Consider any introductory rate and how long it will last, along with the regular APR, how long it will take you to pay what you owe, and the fees involved.

If you’re transferring multiple debts, be aware that each may incur its own transfer fee. You should also be sure to check your credit score and only apply for a card with good odds of approval. Applying for a new card will make your credit score dip temporarily.

Once you request a balance transfer, remember to keep making payments on your old loan or credit card while your transfer processes, so that you aren’t marked as late.

When you transfer balances on credit cards, your goal should be to save money while getting debt-free sooner. There may be fees, and applying for new cards gives your credit rating a small hit. But in the long run, the potential to pay off your debt faster can help your score and your wallet overall.

A balance transfer fee is exactly what it sounds like: A fee charged for transferring debt from a loan or line of credit to a credit card. Most balance transfer credit cards have transfer fees. And these fees are typically listed as either a percentage of the amount transferred or a minimum dollar amount, whichever is higher.

The average balance transfer fee is just over 3% of the amount transferred, according to WalletHub’s latest Credit Card Landscape Report. But some cards charge as much as 5%. On the other end of the spectrum, some of the best balance transfer credit cards don’t have balance transfer fees.

For more information, check out WalletHub’s balance transfer guide.