Best credit cards with no balance transfer fees for June 2022

Transfer your credit card balance from an account with a high interest rate to the one with a long intro 0% APR period could help you pay off your debts without accumulating more interest. However, before choosing a card to transfer this debt, be sure to check the balance transfer fees.

Some credit card issuers charge a fee, usually 3% to 5%, to accept balance transfers to the new account. If you transfer $20,000 of debt, you will need to cover an additional $600 to $1,000.

However, other credit cards waive balance transfer fees altogether, making them attractive to cardholders who really don’t want more fees. Keep in mind that once the intro APR period expires on your new credit card, most will have at least the average interest rate of 16.3%, per Bankrate.

If you’re considering transferring your credit card debt to a new account that waives the balance transfer fee, read on to find out about our best partner offers below.

Read more: Best Secured Credit Cards

Longest introductory APR with $0 introductory transfer fee

Introductory offerN / A

APR8.49% to 19.99% (Variable)

Recommended credit Excellent/Good Credit

Reward rateN / A

Annual fees$0

Intro Purchase APR0% introductory APR for the first 15 months you open your account.

Intro Balance Transfer APR0% introductory APR for the first 15 months you open your account.

Balance Transfer Fee Either $10 or 3% of the amount of each balance transfer, whichever is greater.

APR balance transfer8.49% to 19.99% (Variable)

Late payment fees Up to $37

Foreign transaction fees 3% of each transaction in US dollars.

APR Penalty None

Our opinion

Union Bank® Platinum™ Visa® Credit Card offers 15 months 0% upfront APR on purchases and balance transfers, with $0 balance transfer fee if you make your first balance transfer within the first 60 days of account opening (after that, 3% of each transfer with a minimum of $10). After the promotional APR period ends, you will be subject to a variable APR of 8.49% to 19.99% – the lower end of this range is very competitive with most balance transfer credit cards . There’s also no annual fee, making it a safe card to transfer your balance to at no extra cost if you’re diligent.

A mid-range introductory APR offer

Introductory offerN / A

APR8.15% – 18.00% Variable APR

Recommended credit N / A

Reward rateN / A

Annual fees$0

Intro Purchase APR0% intro APR for 12 months from account opening on purchases

Intro Balance Transfer APR0% intro APR for 12 months from account opening on BTs

Balance Transfer Fee None

APR balance transfer8.15% – 18.00% Variable APR

Foreign transaction fees None

Our opinion

Wings Financial Credit Union is based in Minnesota, but you can join by donating $5 to the Wings Financial Foundation. After that, you can apply for the Wings Visa Platinum* credit card, which charges no annual or balance transfer fees and offers 12 months of 0% introductory APR on balance transfers and purchases ($8.15 % to 18.00% APR variable thereafter).

Introductory offerN / A

APR6.99% to 18.00% (Variable) when you open your account, depending on your creditworthiness

Recommended credit N / A

Reward rateN / A

Annual feesNone

Intro Purchase APRN / A

Intro Balance Transfer APRInitial balance transfer of 0.00% APR for 12 billing cycles

Balance Transfer Fee None

APR balance transfer6.99% to 18.00% (Variable) when you open your account, depending on your creditworthiness

Foreign transaction fees None

Our opinion

First Tech Federal Credit Union is based in San Jose, Calif., and initially catered to employees of technology companies in the Pacific Northwest. Today you can become a member if you work for one of their partner companies or if you become a member of the Computer History Museum ($15 for annual membership) or the Financial Fitness Association ($8 for annual membership) .

The First Tech Platinum Mastercard* credit card also offers 12 billing cycles of 0% introductory APR on balance transfers (6.99% to 18.00% variable APR thereafter) with no card balance transfer fees credit.

Low introductory APR with no balance transfer fees

Introductory offer$100 in statement credit after spending $500 on qualifying purchases, within the first 3 months of account opening

APR11.24% to 21.24% (variable)

Recommended credit Excellent credit

Reward rate

  • 1% unlimited cash back on all qualifying purchases

Annual fees$0

Intro Purchase APRN / A

Intro Balance Transfer APR3.25% variable introductory APR for the first 36 months on all balance transfers within 60 days of account opening.

APR balance transfer11.24% to 21.24% (variable)

  • 1% unlimited cash back on all qualifying purchases

Our opinion

The SunTrust Prime Rewards* credit card does not charge a balance transfer fee per se ($0 for balance transfers in the first 60 days, then 3% or $10 minimum). Rather, it comes with three years of a relatively low APR – 3.25% variable – which serves as a flat transfer fee paid over one year. It should be noted that the effective rate will actually be lower than 3.25% variable, if you can pay off your balance.

At the end of the line : If you need more time to pay off your debt, SunTrust Mastercard Prime rewards offer a balanced combination of low interest rate and long repayment period.

FAQs

How do balance transfer credit cards work?

When used correctly, balance transfer credit cards work as a debt financing tool. They can help you pay off your high-interest credit card debt faster and more cheaply.

When you transfer a balance, you are transferring debt from one credit card to another. The best balance transfer cards offer little to no interest for a set introductory period, allowing you to pay off your debt without worrying about high interest piling up. This introductory APR period usually lasts between 12 months and 21 months, giving you a significant period of time to pay off your balance before the interest rate increases.

While a few credit cards offer free transfers, most balance transfer cards charge you between 3% and 5% of the transferred balance. Generally, the longer the 0% APR introductory period, the higher the fee, and vice versa. So, cards with no balance transfer fees have shorter introductory APR periods, and those with transfer fees have longer introductory APR periods.

Where can I find credit cards with no balance transfer fees?

We think the Wings Visa Platinum and First Tech Platinum cards are two of the best no-fee balance transfer credit cards. Although both offer introductory APR offers, you will have to pay between $5 and $15 to become a member. However, these fees are relatively low compared to typical balance transfer rates. To compare, let’s say you’re transferring $5,000 in credit card debt — a card with a 3% fee would charge you $150 to do so, while the Wings Visa Platinum and First Tech Platinum cards would only require a fee. membership under $20.

That said, if you’re already a member of a credit union, it might be worth asking if they offer a balance transfer card with a 0% introductory APR period and no balance transfer fee.

What are the benefits of a no-fee balance transfer credit card?

A no-fee balance transfer credit card allows you to transfer a balance from one account to another without paying an upfront transfer fee, usually between 3% and 5%. The trade-off is a shorter introductory APR period for balance transfers.

A credit card with no balance transfer fee and 0% APR offers a way to pay off high-interest credit card debt without paying a penny in interest or fees, but only if you can pay it off within a period of one year. If you need more time, it might be better to consider a card with a balance transfer fee that has a longer interest-free or low APR intro period.

How do I decide if a no-fee balance transfer credit card is right for me?

The first step is to figure out how much of a monthly payment you can afford each month. Next, calculate how much you’ll pay in interest and fees with two or three different balance transfer credit cards.

Generally speaking, if you can pay off your debt in about 12-15 months, the 3% you save with a no-fee balance transfer credit card is worth it. If it takes you 17-18 months or more, a card like the U.S. Bank Visa® Platinum Card can save you more money in interest payments, despite the 3% transfer fee ($5 minimum). If you need more than two years to pay off your balance, SunTrust Mastercard Prime rewards may be your best option. Don’t overlook personal loans either – if you owe a large amount and need a few years to pay off your debt, you may be able to lock in a personal loan at an interest rate lower than the variable APR of your loan. introduction of 3.25% SunTrust Mastercard Bonus. on balance transfers (11.24% to 21.24% variable APR thereafter).

Our methodology

CNET examines credit cards comprehensively comparing them through defined criteria developed for each major category, including cash back, welcome bonus, travel rewards and balance transfer. We consider the typical buying behavior of a range of consumer profiles – with the understanding that everyone’s financial situation is different – ​​and the designated function of a card.

For cash back credit cards, for example, key factors include annual fee, “welcome bonus” and cash back rate (or rates, if they differ by spend category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective benefits. And with balance transfer credit cards, we analyze specifications such as the length of the 0% APR introductory period and the balance transfer fee, while recognizing secondary factors such as the standard APR and how long you have to make a balance transfer after you open the account.

More credit card recommendations

*All information about the Wings Visa Platinum Credit Card, First Tech Platinum Mastercard, and SunTrust Prime Rewards Credit Card has been independently collected by CNET and has not been reviewed by the issuer.

Editorial content on this page is based solely on objective, independent assessments by our editors and is not influenced by advertising or partnerships. It was not supplied or commissioned by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.

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