Best balance transfer cards no-fee 2023: Most balance transfer credit cards offer no interest for up to six months, which can help you save a lot of money on your loan. But many of these cards charge 3% to 5% balance transfer fees, which can seriously cut into those savings.
The average American has a credit card debt of $5,313. If you transfer that amount to a balance transfer card with a 3% fee, you’ll pay about $159.
However, there are options that do not charge balance transfer fees, allowing you to save the most while paying off the loan. No-fee balance transfer cards aren’t common, but the selection rounds up the best options so you can maximize your savings.
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Best Balance Transfer Cards No-Fee
A balance transfer is a type of credit card transaction where debt is moved from one account to another. For those paying off high-interest loans, such moves can lead to serious savings on interest charges if done strategically. For example, a credit card with a 0% introductory APR offer on balance transfers can potentially be paid off interest-free.
Citi Simplicity® Card
This Card – has 0% intro APR on balance transfers for 21 months from the date of the first transfer. All transfers must be completed within the first 4 months. This unique card has no late fees and no penalty interest rates. You also get 0% intro APR on purchases for 12 months from the account opening date. The Intro APR offer ends, and a variable APR will apply. Each credit card has a balance transfer fee of 3% of the balance transfer amount or $5, whichever is greater. There is no annual fee.
US Bank Visa Platinum Card – 0% intro APR on purchases and balance transfers for 18 billing cycles. The balance transfer fee is $5 or 3% of the amount of each balance transfer, whichever is greater. Get up to $600 in extra cell phone protection There is no annual fee.
BankAmericard Credit Card – 0% intro APR for 21 billing cycles on purchases and balance transfers within the first 60 days of account opening. The Intro APR offer ends, and a variable APR will apply. A 3% fee (minimum $10) applies to all balance transfers. There is no annual fee.
First Tech Fed Platinum Mastercard –
0% introductory APR on balance transfers for 12 months and no balance transfer fees for the first 90 days of account opening. The Intro APR offer ends, and a variable APR will apply. You must be a member of First Take Federal Credit Union to receive this card, but membership is open to anyone who joins a participating organization for at least $8 (Financial Fitness Association). You should keep a modest amount (usually around $10) in a stock savings account. There is no annual fee
La Capital FCU Rewards Card – 0% introductory APR for 12 months and no balance transfer fee for balance transfers within the first 90 days of account opening. After the Intro APR offer ends, a variable APR will apply. You must be a member of LA Capital Federal Credit Union to receive this card, but membership is open to joining any partner organization (Louisiana Association for Personal Financial Achievement) for as little as $20. You should keep a modest amount (usually around $10) in a stock savings account. There is no annual fee.
Wells Fargo Reflect Card –
0% intro APR on balance transfers for 18 months from the account opening date. Introductory APR extension of up to 3 months with minimum payment during initiation and extension periods. (Note that this is not the same as starting the countdown from the time of the transfer.) For 120 days after account opening, the initial balance transfer fee is $5 or 3% of the amount of each balance transfer, whichever is greater. After that, it’s 5% or $5 of each credit card balance transfer, whichever is greater. There is no annual fee.
Wings Financial CU Platinum Card – 0% intro APR on balance transfer for 12 months and no balance transfer fee after account opening. After the Intro APR offer ends, a variable APR will apply. You must be a member of Wings Financial Credit Union to receive this card, but membership is open to anyone who joins a partner organization with at least $5 (Wings Financial Foundation). You should keep a modest amount (usually around $10) in a stock savings account. There is no annual fee.
How To Calculate A Balance Transfer Fee
Most balance transfer fees range from 3 percent to 5 percent of each balance you transfer, although offers vary. Note that when you transfer a balance to a balance transfer card, this fee is charged before your balance.
To calculate your Balance Transfer Cards No-Fee, you’ll first want to convert your new card’s balance transfer fee from a percentage to a decimal. Then, multiply that number and your balance to determine the fee you’ll pay. For example, if your UchIf you want to transfer $10,000 in credit card debt to a balance transfer card, your fee could be 3 percent of your balance ($300) or 5 percent of your balance ($500), depending on the credit card you signed up for.. So, in this example, you would have $10,300 or $10,500 in total debt to pay off.
Best balance transfer cards with no balance transfer fee
- Navy Federal Credit Union Platinum Credit Card*
- Navy Federal More Rewards American Express Card*
- First Tech Credit Union Choice Rewards World Mastercard*
- Union Bank Platinum Visa Credit Card*
- DCU Visa Platinum Credit Card*
- Wings Visa Platinum Credit Card*
- Wings Member Cash Rewards Visa Signature Card*
- SchoolsFirst Federal Credit Union Inspire Mastercard*
How Balance Transfers Work
While the exact process for a balance transfer can vary widely, these are the steps you’ll generally need to take when dealing with major issuers:
Apply for the card: With a 0% APR offer on a balance transfer or avail of the offer on the card you already have. To qualify for the best offers, you must have good or excellent credit (typically, a FICO score of at least 690). A few things to keep in mind: Transfers from the same issuer are generally not allowed. For example, if you want to transfer a balance from a Citi card, you can’t transfer it to another Citi card.
Initiate a balance transfer: If you’re doing it online or over the phone, you’ll need to provide information about the loan you want to transfer, such as the issuer’s name, loan amount, and account information.
Sometimes, a balance transfer can be initiated using a facility check or a check the issuer mails to you. Before using one, though, read the terms and conditions to find out if it will count as a balance transfer and what your interest rate will be.
Wait for the transfer to go through: Once the balance transfer is approved, which can take two weeks or more, the issuer will usually pay your old account directly. That old balance — and the balance transfer fee — will appear in your new account.
Pay down the balance: When that balance is added to the new card, you’ll be responsible for making monthly payments on that account. And if you pay it off during the initial 0% APR period, for example, you could potentially save a bundle.
FAQs: Best Balance Transfer Cards No-Fee
Best Balance Transfer Cards No-Fee 2023
Citi Simplicity® Card: Best Balance Transfer Card for Late Fee Forgiveness.
Citi Rewards+® Card: Best Balance Transfer Card for Small Purchases.
Chase Freedom Flex℠: Best Balance Transfer Card for Overall Rewards.
Chase Slate Edge℠: Best for Potential APR Reduction on Existing Balances.
No-fee balance transfer cards are designed for people who want to get out of debt and maximize savings. If you want to get a credit card to pay off an existing balance, cards without balance transfer fees can offer money-saving benefits.
A balance transfer credit card can help you save on interest payments while paying off debt, but these cards usually come at a cost. Most charge balance transfer fees of around 3%-5% of the transfer balance.
Can you avoid balance transfer fees? The only sure way to avoid balance transfer fees is to have a balance transfer card available that waives the fee entirely. You can also find cards with intro balance transfer fee offers
In some cases, a balance transfer can positively impact your credit score and help you pay less interest on your debt in the long run. However, frequently opening new credit cards and transferring balances to them can hurt your credit score in the long run.
You can transfer balances from as many cards as you like as long as you stay within the new card’s credit limit. It sounds like a no-brainer, but keep in mind that most balance transfer offers to include a fee to transfer the balance from your old card.
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