Best No Balance Transfer Fee Credit Cards Of 2024
Best for low regular APR
Navy Federal Credit Union Platinum Credit Card
On Navy Federal Credit Union's Website
3.5
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
On Navy Federal Credit Union's Website
No Rewards
This card does not earn rewards.
Welcome Bonus
N/A
Annual Fee
$0
Regular APR
11.24%-18.00% variable
Credit Score
Fair,Good,Excellent(650 - 699)
Editor's Take
Many people skip credit union cards because they assume they won’t qualify. Navy Federal might be easier to join than you realize, and the card doesn’t charge a fee for balance transfers, making for a low cost balance transfer option.
Pros & Cons
- No annual fee
- No balance transfer fees
- No foreign transaction fees
- Low interest rates
- No promotional interest rate on purchases
- No rewards program
- There are longer promotional APR periods available
Card Details
- No annual fee
- No foreign transaction, cash advance or balance transfer fee
- Zero Liability policy for unauthorized transactions
- 24/7 access to stateside member reps
- Enjoy the ability to freeze and unfreeze your cards
- Gain free access to your FICO® Score
N/A
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Best for rate reductions
BECU Visa Credit Card *
2.9
Forbes Advisor created additional star ratings so that you can see the best card for specific needs. This card shines for this use, but overall the star ratings may differ when compared to other cards.
Welcome Bonus
N/A
Annual Fee
$0
Regular APR
13.24% - 25.24% variable
Credit Score
Good(700 - 749)
Editor's Take
BECU members will appreciate this option to consolidate date and earn an even lower ongoing APR with responsible use. There are a few extra benefits to make the card worth holding onto long term.
Pros & Cons
- No annual fee
- No balance transfer fees
- 0% intro APR offer
- No foreign transaction fees
- Does not earn rewards
- No welcome bonus
- Must be a BECU member to apply
Card Details
- No annual fee
- No balance transfer fees
- No cash advance fees
- No foreign transaction fees and other travel abroad perks
N/A
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Best No Balance Transfer Fee Credit Cards
Navy Federal Credit Union Platinum Credit Card
[ jump to details ]
The Navy Federal Credit Union Platinum Credit Card offers 0.99% intro APR on balance transfers for the first 12 months of account opening, followed by a 11.24%-18.00% variable APR on both purchases and balance transfers. Balance transfers must be completed within 60 days of account opening. It’s not the best intro APR offer we’ve seen, but where this card stands out is its ongoing balance transfer APR. After the introductory period ends, a variable APR of 11.24%-18.00% variable applies to balance transfers, far lower than many top balance transfer cards.
Rewards: This card does not earn rewards
Welcome offer:This card does not offer a welcome bonus.
Annual fee: $0
Other benefits and drawbacks: Known primarily as a balance transfer card, the Navy Federal Credit Union Platinum Credit Card offers a few other benefits to add to the card’s value. The $0-annual-fee card includes travel protections including collision damage waiver and travel and emergency assistance. In addition to the lack of balance transfer fees, the card charges no foreign transaction fees.
BECU Visa Credit Card *
[ jump to details ]
BECU members with the BECU Visa Credit Card* can qualify for interest rate reductions with responsible use. The credit union reviews member accounts annually, evaluating credit ratings of any member with select BECU loans, lines of credit or credit cards. With regular on-time payments and an improved credit score, BECU may lower your card’s interest rate.
Rewards: This card does not earn rewards.
Welcome offer: Earn This card does not offer a welcome bonus.
Annual fee: $0
Other benefits and drawbacks: As a Visa, the BECU Visa Credit Card* comes with additional benefits, including roadside dispatch, travel accident insurance, travel and emergency assistance services, identity theft protection and extended warranty protection.
Methodology
Forbes Advisor looked at dozens of offers to find and rank the best no-balance-transfer-fee cards. Factors considered include.
- Whether or not the card has a balance transfer fee
- Additional fees
- Into APR offers
- Credit bureau reporting
- Rewards
- Rewards redemption options
- Other ongoing card benefits
Forbes Advisor rates cards both as stand-alone products (the card rating on the review) and compared to others in a specific use case. Sometimes, cards with average stand-alone ratings may still rank highly on a particular list according to how a person looking for a card in that category may value certain card features.
For instance, a card that might be considered mediocre overall could be the top card on a list of rewards cards with no annual fee. That’s because the card might offer limited features compared to other rewards cards, but after we remove cards that charge an annual fee, it’s the best card that remains.
Forbes Advisor uses data from multiple government agencies to determine how much a typical cardholder might spend. We use the same numbers for cards in the same category to make sure we are comparing cards the same way. The bonus categories for spending included with each card are factored into our determination of how many rewards a cardholder could expect to earn if they use the card as a consumer normally would.
Read more: How Forbes Advisor Rates Credit Cards
What Is a Balance Transfer Fee?
Credit card issuers often charge a balance transfer fee for allowing you to transfer an outstanding credit card balance to a different card. The fee amount varies between issuers and specific cards. Usually, a balance transfer fee is a flat-rate cost or a percentage of the total amount transferred, whichever is greater.
Even with a 0% introductory APR offer, paying a fee increases the cost of transferring over an existing balance. Depending on the outstanding balance’s current APR, the balance transfer fee could be lower or higher than the cost of paying off the outstanding balance.
Find the Best Balance Transfer Credit Cards Of 2024
Learn More
How Does a No Balance Transfer Fee Credit Card Work?
A no-balance-transfer-fee card works exactly like any balance transfer credit card, except the issuer doesn’t charge an additional fee for processing the transfer. The transfer process may depend on the issuer or the timing of the transfer. Some issuers allow you to request a balance transfer during the application process, while others allow you to request later online, by phone or other methods.
With a no-balance-transfer-fee card, there’s no additional fee cost to consider if you want to transfer an outstanding balance. Some no-balance-transfer-fee cards offer introductory 0% APR on balance transfers for an extended period. You won’t pay interest charges on the transferred amount as long as you meet any minimum payment requirements and pay the balance in full by the end of the offer period.
If you miss a payment, or or make payments late, you could lose your introductory interest rate or get charged a penalty APR, which is generally higher than a card’s regular APR. Once the promotional period ends, the card converts to its regular APR. If you fail to pay off the balance before the promotional period ends, the card issuer will charge interest on the remaining balance. Sometimes, the card issuer may charge interest on the transferred balance if you don’t pay it off before the introductory period ends.
Read the fine print of your cardholder agreement and balance transfer documentation before you apply for a transfer to understand your financial obligations.
How To Choose Credit Cards With No Balance Transfer Fees
Like any credit card, there are several factors to consider before choosing a no-balance-transfer-fee card.
- Introductory APR. Look for cards that offer 0% intro APR on balance transfers, especially if you want to transfer an outstanding balance soon.
- Ongoing APR. Consider the regular APR you will pay on purchases and balance transfers once the introductory period ends.
- Other fees. Look for other fees the issuer charges for having the card, like an annual fee, foreign transaction fees and late fees.
- Transfer rules. Determine if the card issuer has specific guidelines, rules, limits or penalties with balance transfers.
- Card benefits. Look for cards that offer additional benefits like travel perks or travel and consumer protections.
Determine what’s most important to you in a no-balance-transfer-fee card and compare several cards to find the best fit for your needs.
Should You Get a No Balance Transfer Fee Credit Card?
If you’re considering a balance transfer to consolidate your debt or to pay off an outstanding balance quicker, a balance transfer credit card may be the best option. A no-balance-transfer-fee card has the added benefit of avoiding expensive fees charged by issuers to process a transfer.
However, these savings could mean getting a card with fewer benefits relative to similar products. There aren’t many credit cards on the market with no balance transfer fees, so your options are limited compared to general balance transfer credit cards or rewards cards.
A no-balance-transfer-fee credit card is an excellent option if your goal is solely to transfer an outstanding balance and pay it off. If you’re looking for an everyday card or want to get rewarded for monthly spending, compare your options before choosing a card.
How To Get a No Fee Balance Transfer Credit Card
No fee balance transfer credit cards are generally available through credit unions, as evidenced by our top picks above, but you may find them through banks or other card issuers. You can apply online through the issuer’s website, the same as other credit cards. In some cases, you may have the option to apply in person if a credit union or bank issues the card. Credit unions may require you to be a member or become one before you can apply for a credit card.
The issuer performs a hard credit inquiry during the application process to determine your creditworthiness and eligibility for the card. It also uses this information to determine your credit limit and regular APR. Depending on the issuer or card, you may have the option to apply for a balance transfer during the application process or once approved.
Frequently Asked Questions (FAQs)
How much are balance transfer fees?
Balance transfer fees are typically a flat amount or a percentage of the total amount transferred, whichever is greater. Balance transfer fees vary between cards and issuers, ranging from 0% to 5% of the total transfer amount.
Do balance transfers hurt your credit score?
Several factors affect credit scores, including your payment history, credit utilization, credit age, new credit and credit mix. Credit scores are fluid, and balance transfers can affect all of the areas that make up your score. Balance transfers can affect your credit score positively or negatively depending on the circ*mstances surrounding the transfer and how you handle payments.
For example, if you apply for a new balance transfer card, you could see a slight temporary drop in your credit score when the issuer checks your credit. Your credit score may improve as you pay down your balance with on-time payments.
Is there a downside to a balance transfer?
Balance transfers won’t fix poor spending or financial habits. When your outstanding balance is paid off, you may be tempted to use the card again, adding to your debt. You must apply for a balance transfer. Depending on your credit, you may not meet your issuer’s requirements or get approved for the transfer amount you need.
If your card has an introductory 0% APR offer, you could still pay interest charges if you miss or make a late payment or don’t pay off the balance before the end of the introductory period.
How long does a balance transfer take?
Balance transfer times vary by issuer and can take a few days up to several weeks or longer to complete. Continue making the required payments on your old card until the transfer is finalized to avoid late fees.
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Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circ*mstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
