No Balance Transfer Fee Credit Cards |
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Expand your search beyond No Balance Transfer Fee Credit Cards
While “no balance transfer fee” is a feature highly desired by consumers interested in a balance transfer, Card Hub analysis shows that no balance transfer fee credit cards usually have much higher interest rates than 0% balance transfer credit cards. As a result, we suggest comparing the no balance transfer fee credit cards listed below to cards with balance transfer fees (usually 3-4% of the balance transferred) since they will most likely allow you to save more on overall interest charges and fees. You can also customize your search for a no balance transfer fee credit card by using the controls on the left and thereby include or exclude the likes of no balance transfer fee business credit cards and student credit cards with no balance transfer fees. Once you are certain that you’ve found the best balance transfer credit card for your needs, you can apply for it immediately online.
Capital One® VentureOneSM Rewards Credit Card
Rates:
Annual Fee None
Rewards Miles
Initial Bonus 10,000 miles
Base Earn 1.25 miles / $1
Max Earn 1.25 miles / $1
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PenFed Platinum Rewards
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PenFed Premium Travel Rewards American Express® Credit Card
Rates:
Annual Fee None
Rewards Points
Initial Bonus 20,000 points
Base Earn 1 points / $1
Max Earn 5 points / $1
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First Option Visa® Platinum Preferred Credit Card
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Barclaycard Ring Credit Card
Rates:
Annual Fee None
Rewards None
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Capital One® Classic Platinum Credit Card
Rates:
Annual Fee $39
Rewards None
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Capital One® Platinum Credit Card
Rates:
Annual Fee $0 for 1st yr, $19 after
Rewards None
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Amalgamated Bank of Chicago Union Credit Card
Rates:
Annual Fee None
Rewards None
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Capital One® Cash Rewards for Newcomers
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Arvest Bank Visa Platinum Credit Card
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Annual Fee None
Rewards None
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We work hard to present you with the most accurate credit card information, however, this information does not originate from us and thus, we do not guarantee the accuracy of the information. Certain offers originate from paying advertisers, and this will be noted on a card’s details page, when applicable.
Before you apply for a credit card we recommend that you review and verify the credit card terms and conditions on the credit card company's web site. Please let us know if you find any differences related to the No Balance Transfer Fee Credit Cards shown on this page.
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How are balance transfer fees assessed? Balance transfer fees are simply added to the amount being transferred, which means you don’t have to pay them right away. You might therefore be wondering why it’s called a balance transfer “fee,” after all.
Credit card companies call it a fee to preserve the advertised balance transfer APR. You see, there is no fundamental difference between a credit card that offers a 0% balance transfer APR for six months and charges a 3% balance transfer fee and a credit card with no balance transfer fee that has a 6% transfer APR, but the 0% offer seems more appealing. Interest and transfer fees are both considered finance charges from a regulatory standpoint, and the distinction is therefore merely marketing-based.
How can I compare no balance transfer fee credit cards to cards with such fees?Balance transfer cards with fees usually compensate by having 0% intro APRs. If you want to see how a 0% balance transfer credit card stacks up to a credit card with no transfer fee, divide the 0% card’s balance transfer fee by the length of it’s intro period (in years). For example, a card that offers 0% for six months and has 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 the balance transfer fee into a balance transfer APR and turn an apples-to-oranges comparison into a more revealing apples-to-apples evaluation.
What are lifetime balance transfer credit cards? 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.
How should I go about choosing a balance transfer credit card? Unfortunately, finding the right balance transfer card isn’t as simple as identifying the no balance transfer fee credit card with the lowest transfer APR. As a general rule of thumb, as fees go up, rates go down and vice versa. Focusing only on no balance transfer fee cards or zero percent balance transfer credit cards is therefore ill-advised and you should consider the following factors in combination, rather than in isolation: 1) Balance transfer fee, 2) Length of 0% intro APR (if applicable), 3) Regular balance transfer APR, 4) Amount of monthly payments you can comfortably afford.
Your starting point should be to use a credit card payoff calculator, and even though you do not yet know your balance transfer interest rate, you can use 10% in order to get a rough sense of how long it will take you to pay off your balance. The longer your expected payoff time frame, the more emphasis you should put on the regular APR. If you’ll be able to pay down the majority of your balance during the average low-interest period being offered, your balance transfer fee becomes more important.
In addition, be careful to avoid the following common balance transfer mistakes:
- Assuming balance transfer credit cards will be available: People often think they can just hop from 0% balance transfer card to 0% balance transfer card until their balance is no more. This strategy should not be relied upon though, as credit card companies do not always offer balance transfers, and you could get stuck paying interest rates north of 20%.
- Overestimating your ability to pay: This will lead to you having more debt exposed to your card’s regular rate than planned and could therefore cause you to apply for the wrong card.
- Forgetting that most regular APRs are variable: Given the current low-interest environment, variable rates can only go up.
I can’t find a balance transfer fee listed on a credit card application; does that mean there isn't one? No. According to Card Hub’s annual credit card application study, the balance transfer fee is one of the main account terms that credit card companies routinely fail to list clearly on applications. You might therefore have to scour the fine print or utilize the “Ctrl + F” hot-key command (if you are applying online) in order to determine a given card’s transfer fee. If the card in question is a no transfer fee credit card, this too will be listed on the terms and conditions. If you are serious about doing a balance transfer it is extremely important that you confirm the balance transfer fee of each card you evaluate because the existence and amount of this fee can dramatically impact the benefit provided by any balance transfer credit card.
