The majority of balance transfer credit cards charge a fee for when you move existing, high-interest debt to a lower-interest balance transfer card. These fees typically range from 3% to 5% of the amount of each transfer; however, the amount you can save on interest charges by transferring your high-interest credit card debt to a card offering a low or 0% intro APR for an extended period of time can easily cancel that amount out.
We explain what you need to know about balance transfer fees, including how they work, the best balance transfer cards that charge fees and how you can avoid balance transfer fees altogether.
Depending on the balance transfer card, you may be charged a fee when you transfer an existing balance to the card. This is known as the balance transfer fee.
The balance transfer fee is added to the card balance at the time of your transfer, which allows you to pay the fee over time as you pay down your transferred balance. That said, know that the amount of the balance transfer fee will also reduce the amount you are eligible to transfer.
For example, let’s say you get approved to transfer $10,000 to a new balance transfer card that charges a 3% fee. That $300 balance transfer fee will reduce the amount you’re initially able to transfer to $7,700.
Also beware, if you decide to move debt from multiple credit cards, you will be charged a fee for each balance you transfer.
There are balance transfer cards available that don’t charge balance transfer fees; however, those cards often offer shorter intro APR periods on balance transfers. Meaning, you’ll have less time to pay off your balance without incurring interest charges.
Cards with balance transfer fees typically offer longer 0% intro APRs on balance transfers than those without the fees. But keep in mind, if you do not pay the balance in full within the promotional interest-free period, the remaining balance will be subject to the regular, ongoing APR of the balance transfer card.
If you’re looking for a balance transfer card with the longest interest-free period possible, you may want to consider the following cards that charge balance transfer fees and offer intro APRs on balance transfers for close to two years:
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Intro balance transfer APR: 0% intro APR for 21 months on Balance Transfers
Followed by an ongoing 17.74% - 28.49% (Variable) for balance transfers.
The $0-annual-fee Citi® Diamond Preferred® Card comes with an intro APR of 0% intro apr for 21 months on balance transfers. After that, there’s an ongoing balance transfer APR of 17.74% - 28.49% (variable). A Balance transfer fee applies with this offer; 5% of each balance transfer; $5 minimum.
Who’s this card best for?
Designed for those with good / excellent credit, the Citi® Diamond Preferred® Card is ideal for cardholders who need close to two years to pay off their transferred debt.
The no-frills balance transfer credit card does not come with a rewards program; however, it does offers an intro APR of 0% intro apr for 12 months on purchases. After that, an APR of17.74% - 28.49% (variable) applies.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0% intro APR for 21 months from account opening on qualifying balance transfers
Followed by an ongoing 17.74%, 24.24%, or 29.49% Variable APR for balance transfers.
Along with an intro APR on balance transfers, the Wells Fargo Reflect® Card offers an intro balance transfer fee of 5%, min: $5.
Cardholders receive a 0% intro APR for 21 months from account opening on qualifying balance transfers, then a 17.74%, 24.24%, or 29.49% Variable APR applies.
Who’s this card best for?
The Wells Fargo Reflect® Card is intended for those with good / excellent credit.
With the Wells Fargo Reflect® Card, holders can receive an intro APR on balance transfers for a year and half. The card also offers an intro APR extension of up to three months with on-time minimum payments during the introductory and extension periods. Additionally, the $0 annual fee card comes with a 0% intro APR for 21 months from account opening on purchases, then a 17.74%, 24.24%, or 29.49% Variable APR.
Like the Citi® Diamond Preferred® Card, the Wells Fargo Reflect® Card does not offer a rewards program. But when transferring a balance, we recommend focusing on paying your balance in full within the promotional period rather than racking up rewards — which could unintentionally lead to acquiring even more debt.
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Intro balance transfer APR: 0% intro APR for 21 months on Balance Transfers
Followed by an ongoing 18.74% - 29.49% (Variable) for balance transfers.
The Citi Simplicity® Card, from our partner Citi, also offers an intro APR of 0% intro apr for 21 months on balance transfers, then a 18.74% - 29.49% (variable) APR applies. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5)
Who’s this card best for?
If you have a history of paying your credit card bill late, you may want to consider the $0 annual fee Citi Simplicity® Card, since it does not assess late fees or a penalty APR. But keep in mind, paying your bill late will still negatively impact your credit score as they are reported to the credit bureaus.
The Citi Simplicity® Card also offers an 0% intro apr for 12 months on purchases, then an APR of 18.74% - 29.49% (variable). Just know, the Citi Simplicity® Card also does not come with a rewards program.
There are a handful of cards available that don’t charge balance transfer fees. But these cards are often issued by credit unions instead of major banks and tend to offer shorter introductory periods.
The following cards, which don’t charge balance transfer fees, offer intro APRs on balance transfers for a year, as well as very reasonable interest rates once the promotional periods end.
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Intro balance transfer APR: N/A
Followed by an ongoing 13.50 to 18.00% APR for balance transfers.
The First Tech Choice Rewards World Mastercard®, for example, is issued by First Tech Federal Credit Union and charges a $0 balance transfer fee. The card offers N/A. Once the intro period ends, a reasonable the APR of 13.50 to 18.00% APR applies.
Who’s this card best for?
If you don’t mind joining First Tech FCU, the First Tech Choice Rewards World Mastercard® provides a good opportunity to receive a promotional APR on balance transfers while not incurring a balance transfer fee.
Additionally, if you want to earn rewards on every purchase you make, the $0 annual fee card offers Earn 2 points per $1 spent on everyday purchases, including gas, groceries, and household goods. Earn 1 point per $1 spent on all other eligible purchases.. Plus, 20,000 bonus points when you spend at least $3,000 in the first 60 days.
To join First Tech FCU, you must have a family or household member who is already a member, or you or a family member must work for an eligible employer or work or live in Lane County, Oregon. You can also become eligible by joining the Computer History Museum or the Financial Fitness Association in person or online.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening
Followed by an ongoing 11.99% to 18.00% (variable) for balance transfers.
The Navy Federal Platinum Credit Card charges $0 in balance transfer fees and offers a 0.99% introductory APR for 12 months for balance transfers requested within 60 days of account opening on balance transfers.
After the intro period ends, the APR will be a very reasonable 11.99% to 18.00% (variable).
Who’s this card best for?
If there’s a chance you won’t be able to pay off the transferred balance in full before the introductory period ends, the Navy Federal Platinum Credit Card could be a good fit, since it offers a very low ongoing balance transfer APR of 11.99% to 18.00% (variable).
Additionally, the Navy Federal Platinum Credit Card charges a $0 annual fee. As for foreign transaction fees, there are $0.
Note, to be eligible for this card, you must be a member of Navy Federal Credit Union. You may qualify if you or one of your family or household members has ties to the armed forces, Department of Defense or National Guard. Learn more about the qualification requirements here.
How LendingTree Rates Credit Cards?
Our experts rate credit cards based on several factors including card benefits, bonus offers and independent research. Credit card issuers do not influence or have a say in our card ratings. Read our credit card methodology here.Intro balance transfer APR: N/A
Followed by an ongoing 13.40% to 18.00% (variable) for balance transfers.
The Wings Visa Platinum Credit Card has a Either $10 or 3% of the amount of each balance transfer, whichever is greater balance transfer fee and an intro APR of N/A. After that, a regular APR of 13.40% to 18.00% (variable) applies.
Who’s this card best for?
While balance transfer credit cards typically require cardholders to transfer a balance within a given time frame — often 60 days from account opening — to take advantage of the promotional intro APR, the Wings Visa Platinum Credit Card doesn’t have a deadline. Because there’s no balance transfer window, cardholders can transfer a balance at anytime.
Keep in mind, though, that the intro APR period starts at account opening — so the later you transfer your balance, the less time you have to take advantage of the interest-free period. For example, if you transfer a balance three months after opening your account, you’ll have nine months remaining of your interest-free period. If, however, you transfer your balance after seven months, you’ll have just five months remaining.
You’ll also need to become a member of Wings Financial Credit Union to apply for this card. To qualify, you or an immediate family member must work or live in the following areas: An eligible Minnesota or Wisconsin county, the Seattle-Tacoma, Wash. metro area, the Detroit metro area, the Orlando, Fla. metro area or the Atlanta metro area. You’re also eligible if you or an immediate family member is an employee of airlines, government agencies working in the aviation industry or an airport or if you or an immediate family member is a current Wings member or a member of the Wings Financial Foundation.
The short answer is — yes. A card that offers an intro APR on balance transfers, but also charges a balance transfer fee, can definitely be worth your while, since it can help you save hundreds or even thousands of dollars on interest charges.
For example, let’s say you have an existing credit card with $10,000 worth of debt at an interest rate of 22%, and you transfer that amount to a credit card with a 0% intro APR for 18 months with a 3% balance transfer fee. You’ll pay a balance transfer fee of $300, but you could end up saving $1,792 in interest charges if you pay off the entire balance in 18 months (which would require monthly payments of approximately $670).
A balance transfer is a transaction that typically involves moving debt from one card to another — ideally to one with a significantly lower interest rate. Some card issuers allow you to also transfer other types of debts to a balance transfer card.
Note, you cannot transfer debt between two credit cards from the same issuer.
A balance transfer fee is the amount you are charged to transfer debt from an existing card to a balance transfer card. This fee usually ranges from 3% to 5% of the amount of each transfer.
A balance transfer window is the period of time you have to take advantage of a card’s intro APR on balance transfers and/or intro balance transfer fee. This is often 60 days from the date of account opening.
The information related to the Wells Fargo Reflect® Card, Navy Federal Platinum Credit Card and Wings Visa Platinum Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.
The content above is not provided by any issuer. Any opinions expressed are those of LendingTree alone and have not been reviewed, approved, or otherwise endorsed by any issuer. The offers and/or promotions mentioned above may have changed, expired, or are no longer available. Check the issuer's website for more details.
