Best No Balance Transfer Fee Credit Cards of 2024
Best Credit Card for Low Regular APR
Navy Federal Credit Union Platinum Credit Card
On Navy Federal Credit Union's Website
4.6
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
11.99%-18.00% variable
Credit Score
Fair, Good, Excellent(650 - 699)
Our Expert Take
The Navy Federal Credit Union Platinum Credit Card offers serious utility for balance transfers. You’ll pay a low introductory rate on eligible balance transfers with no balance transfer fees.
Why We Like It
The Navy Federal Credit Union Platinum Credit Card offers 0.99% on balance transfers for 12 months followed by an 11.99%-18.00% variable APR on purchases and balance transfers, offer valid from 7/1/2024 through 1/1/2025 for new cardmembers who sign up within 60 days to transfer their balance. That’s not quite the best intro APR offer. But with no balance transfer fees, this card still offers a great option to reduce debt. Where this card stands out is its ongoing balance transfer APR. After the introductory period ends, an APR of 11.99%-18.00% variable is far lower than many top balance transfer cards.
The Navy Federal Credit Union Platinum Credit Card also offers a few other benefits to add to the card’s value. The $0 annual fee card includes travel protections like collision damage waiver and travel and emergency assistance. In addition to the lack of balance transfer fees, the card charges no foreign transaction fees.
What We Don’t Like
With no welcome bonus or purchase rewards, this card is unlikely to have long-term value for households looking to pay off their debt for good. Unlike bank credit cards, credit unions require membership in order to apply for their products and Navy Federal Credit Union’s membership requirements are steeper than most. Membership eligibility is limited to those who have served or worked for the armed forces or the Department of Defense and their families.
Who It’s Best For
The Navy Federal Credit Union Platinum Credit Card is ideal for Navy Federal Credit Union members who need to pay down credit card debt and may need more than the intro period to pay it off.
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 Credit Card for Rate Reductions
BECU Visa Credit Card *
4.6
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
14.24% - 25.24% variable
Credit Score
Good(700 - 749)
Our Expert Take
With no balance transfer fees and an intro APR, the BECU Visa Credit Card* is a smart choice for even small balance transfers. New cardholders get a 0% intro APR for the first 12 months from account opening on purchases and balance transfers, followed by a 14.24% – 25.24% variable APR.
Why We Like It
On top of receiving an introductory APR, BECU members 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.
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. With no foreign transaction fees, it’s also a great option for traveling abroad.
What We Don’t Like
Like other similar cards, you won’t earn rewards or a welcome bonus. You’ll also need to join BECU to apply, but anyone is eligible to join. If you don’t qualify based on where you live or work, you can gain eligibility by joining an approved association.
Who It’s Best For
The BECU Visa Credit Card* works well for those seeking to transfer a balance and who also want to see ongoing rate cuts for timely payment.
Pros & Cons
- No annual fee
- No balance transfer fees
- 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.
Here’s a Summary of the Best No Balance Transfer Fee Credit Cards
Credit Card
Navy Federal Credit Union Platinum Credit Card
BECU Visa Credit Card *
Credit Card
Best For
Credit Score
Annual Fee
Welcome Bonus
Navy Federal Credit Union Platinum Credit Card
Best Credit Card for Low Regular APR
Fair, Good, Excellent
$0
N/A
BECU Visa Credit Card *
Best Credit Card for Rate Reductions
Good
$0
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.
N/A
N/A
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 re-evaluates each credit card list at least every 12 months to determine if any cards need to be added and/or removed. However, a list could be updated sooner if significant changes are made to the mentioned cards or if a new credit card is announced that’s likely to impact the category.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
Other Cards To Consider
Nearly every card that offers no balance transfer fees is issued by a credit union. Unfortunately, many credit unions still have very strict membership eligibility requirements. Check with your local credit unions or any credit union chartered to serve your employer or your labor union.
Credit cards like the Hudson Valley Platinum Credit Card or ESL Credit Union Rewards Visa Signature card are available based on residency qualifications. The Blaze Visa® Signature* also offers no balance transfer fees and a 0% intro APR on purchases and 2.99% intro APR on balance transfers for the first 12 billing cycles, followed by a variable APR of 17.99%.
Guide To No-Fee Balance Transfer Credit Cards
- What Is a Balance Transfer Fee?
- How Does a No Balance Transfer Fee Credit Card Work?
- Pros and Cons Of Credit Cards With No Balance Transfer Fees
- How To Choose Credit Cards With No Balance Transfer Fees
- Should You Get a No Balance Transfer Fee Credit Card?
- Frequently Asked Questions (FAQs)
What Is a Balance Transfer Fee?
A balance transfer fee is usually charged by the card issuer when you initiate a balance transfer—often to take advantage of a 0% introductory APR. The fee varies between issuers and specific cards. Usually, a balance transfer fee is a percentage of the total amount transferred or a flat fee, whichever is greater.
Many credit unions offer shorter terms on promotional APRs, but in exchange, they may not charge a balance transfer fee. You can also qualify for a lower ongoing purchase APR, making these a good option for paying down debt.
However, you may find the extra six to nine months some cards offer can make a huge difference, so you may want to consider a card with a balance transfer fee. If that’s the case, consider some of the best credit cards for balance transfers.
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 to process the transfer.
- In many cases, the promotional APR only applies to balances issued within the first few months of card ownership.
- 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.
- Once approved the new card provider will issue a check to your other credit card issuer. Continue making payments until you receive notice that the card has a $0 balance.
- If you miss a payment 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.
- Some no balance transfer fee cards offer introductory 0% APR on balance transfers for an extended period. In that case, 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. Otherwise, you may pay a reduced APR for the promo period.
- 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.
Read the fine print of your cardholder agreement and balance transfer documentation before you apply for a transfer to understand your financial obligations.
Pros and Cons Of Credit Cards With No Balance Transfer Fees
| Pros | Cons |
|---|---|
Save on fees and put that money toward paying down your balance | Cards are often issued by credit unions that require you to join just to apply and some may have strict membership requirements |
No balance transfer fee cards issued by credit unions often have lower regular APRs if you’re still paying after the introductory period ends | No balance transfer fee cards are less likely to earn rewards for purchases |
Cards frequently have little to no additional fees | Tend to offer shorter promotional APR periods than cards that charge balance transfer fees |
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 way you can with 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. 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.
