Best balance transfer cards with no balance transfer fee
One of the most effective ways of reducing credit card debt is with a balance transfer to another credit card. If you do it responsibly, you can get rid of debt faster and save money while doing so.
When choosing a balance transfer credit card, you want to make sure you get a card that will save you the most. This includes how many months of a 0 percent intro APR you’ll get; the longer the intro period, the more time you’ll have to pay off debt, interest-free. Another thing to consider is a balance transfer fee, which is typically between 3 percent and 5 percent of your balance. If you’re transferring a large sum, this fee can get rather costly. Credit cards that don’t charge a balance transfer fee are rare, but you can still find several on the market. Here are some of the best picks available.
Comparing the best no balance transfer fee balance transfer cards
Credit card | Balance transfer details | Bankrate score |
|---|---|---|
Navy Federal Credit Union Platinum Credit Card* | 0.99 percent intro APR on balance transfers for 12 months (11.24 percent to 18 percent variable APR thereafter) | 2.8 / 5 |
13.75 to 18 percent variable APR | 1.6 / 5 | |
Wings Visa Platinum Credit Card* | 0 percent intro APR on balance transfers for 12 months (13.40 to 18 percent variable APR thereafter) | N/A |
Wings Member Cash Rewards Visa Signature Card* | 0 percent intro APR on balance transfers for 12 months (then 18 percent) | N/A |
SchoolsFirst Federal Credit Union Inspire Mastercard* | 0 percent intro APR on balance transfers for six months (then 13.75 percent to 17.90 percent variable) | N/A |
Top no balance transfer fee balance transfer cards
Navy Federal Credit Union Platinum Credit Card*
Bankrate's view
The Navy Federal Credit Union Platinum Credit Card is an excellent option for a balance transfer since it charges no balance transfer fee. The low, ongoing APR makes this card an even better deal even once the intro offer expires. This card also charges no annual fee, foreign transaction fees or cash advance fees (if performed at a Navy Federal branch or ATM).
Pro and cons
Green circle with a checkmark inside Pros
The card is light on fees, making it a cheap option for performing a balance transfer.
The potentially low APR offers some flexibility should you need to carry a balance.
Red circle with an X inside Cons
The intro APR period is rather short compared to other cards on the market.
Membership is restricted to military members, veterans, Department of Defense civilians, and their families.
DCU Visa Platinum Credit Card*
Bankrate's view
If you’re more interested in not paying a balance transfer fee than not paying interest on a balance for a limited time, the DCU Visa® Platinum Credit Card is worth considering. It also eliminates many other common credit card fees like cash advance and foreign transaction fees.
Pros and cons
Green circle with a checkmark inside Pros
Has a lower-than-average potential APR to help mitigate interest.
You won’t pay an annual fee to use this card.
Red circle with an X inside Cons
Doesn’t feature an intro APR offer.
Lacks rewards and cash back for long-term value.
Wings Visa Platinum Credit Card
Bankrate's view
The Wings Visa Platinum Credit Card is another simple and to-the-point balance transfer card offering from a credit union that features few fees and a potentially low ongoing APR after the introductory period ends.
Pros and cons
Green circle with a checkmark inside Pros
It charges few fees, including no annual fees and no foreign transaction fees.
Like many credit union cards, it has a low ongoing APR after the intro period.
Red circle with an X inside Cons
It offers a relatively short intro APR period for balance transfers.
This card doesn’t have rewards, limiting its long-term value.
Wings Member Cash Rewards Visa Signature Card*
Bankrate's view
If you’d rather trade the low variable APR from the previous card for a card that earns rewards, Wings Financial also offers the Wings Member Cash Rewards Visa Signature® Card. It earns a flat 1.5 percent back on all purchases and you can also earn a welcome offer of $100 after spending $1,000 in the first 90 days of account opening, which is a very attainable bonus.
Pros and cons
Green circle with a checkmark inside Pros
You can earn a solid cash back rate on all purchases, a rare feature on a balance transfer card.
Charges relatively few fees, including no annual or foreign transaction fees.
Red circle with an X inside Cons
The welcome offer is a bit weak compared to other cash back cards’ offers.
Its ongoing APR is higher than other credit union cards’ APRs.
SchoolsFirst Federal Credit Union Inspire Mastercard
Bankrate's view
While the SchoolsFirst Federal Credit Union Inspire Mastercard eliminates the balance transfer fee that could add more to your total pay-off amount, its shorter balance transfer intro period means you have less time to pay off your debt. However, this card lets you skip your December billing cycle payment and offers credit-building tools and resources.
Pros and cons
Green circle with a checkmark inside Pros
This card offers a low ongoing APR less than the current average rate.
You can skip your December billing cycle payment without impacting your credit score.
Red circle with an X inside Cons
The balance transfer period is much shorter than other cards’ offers.
Membership is limited to school employees and eligible businesses that serve schools in California.
How to choose a balance transfer credit card
Given the relatively few balance transfer credit cards on the market that don’t charge balance transfer fees, there are just a few primary questions to consider when making your choice.
Can you join the credit union?
Many of the no-balance-transfer-fee cards on our list are only available through credit unions. To apply for these cards you’ll need to first become a member of the corresponding credit union. This adds an extra step if you’re not already a credit union member, but many of them let you make a $5 minimum donation to their corresponding charity foundation to be eligible for membership.
Just make sure you check the card’s credit union membership requirements because some have restrictive requirements like living in a specific city, holding employment at a certain company or working for the federal government.
Do you want rewards or other perks?
Rewards on a balance transfer card are a relative rarity, with many dedicated balance transfer cards omitting them entirely. If you plan on using just one credit card after paying off your debt, a balance transfer card that can also earn rewards will continue to offer you value long after the intro balance transfer period ends.
How long do you need to make payments?
Balance transfer card intro periods typically vary from 6 months to 21 months. If you’re transferring a particularly large amount or you need plenty of time to pay off your balance, you’ll want to choose a card that gives you enough breathing room with your payments.
How to calculate a balance transfer fee
The lower the balance transfer fee, the less added to your final payoff amount. Make sure you check a card’s full fee schedule before applying to understand how much it’ll charge for a balance transfer.
Most balance transfer fees are 3 percent to 5 percent of each balance you transfer, although individual offers vary. Keep in mind that when you transfer balances to a balance transfer card, this fee is charged to your balance upfront.
To calculate your balance transfer fee, you’ll first want to convert your new card’s balance transfer fee from a percentage to a decimal (such as 5 percent to 0.5). Then, multiply that decimal and the amount of your balance to determine the fee you’ll pay.
For example, if you were to transfer $10,000 in credit card debt to a balance transfer card, your fee might be 3 percent of your balance ($300) or 5 percent of your balance ($500) depending on the credit card you sign up for. So, in this example, you’ll have either $10,300 or $10,500 in total debt to pay off.
Frequently asked questions
Is paying a balance transfer fee worth it?
Paying a balance transfer fee is often worth it if you’re able to pay off your debt interest-free, which will save you a lot of money on interest. But make sure to run the numbers for your specific situation and use a credit card balance transfer calculator to determine which card works best for your needs — and saves you the most.
Do balance transfers hurt your credit?
It depends. If you manage to pay off your credit card debt after opening a new balance transfer card, this will ultimately reflect positively on your score. But opening a new credit card can result in a hard pull on your credit, which can temporarily lower your score, so avoid opening too many cards at once.
What’s next?
Bankrate’s calculators can help guide you through paying off credit card debt and improving your credit score.
Debt Payoff Calculator Get a personalized payment plan, complet Credit Card Balance Transfer Calculator Estimate the costs of a balance transfer
The bottom line
Transferring your credit card debt to a balance transfer card with no balance transfer fees is the ideal way to pay off an existing debt as cheaply as possible. Credit cards with no balance transfer fees are relatively rare however, so you may need to open an account with a credit union or catch a special offer from a major bank to take advantage of these opportunities.
*The information about the Navy Federal Credit Union Platinum Credit Card, Navy Federal More Rewards American Express® Card, Union Bank® Platinum™ Visa® Credit Card, DCU Visa® Platinum Credit Card, First Tech Credit Union Choice Rewards World Mastercard®, Wings Visa Platinum Credit Card, Wings Member Cash Rewards Visa Signature® Card, Wings Member Rewards Visa Signature® Card and SchoolsFirst Federal Credit Union Inspire Mastercard® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
