8 Best No Balance Transfer Fee Credit Cards in December 2024

Although the next cards do have a balance transfer fee, they are worth considering. They are issued by national banks which means you don’t have to meet membership requirements to join a credit union, therefore making these cards easier to qualify for. They offer relatively long intro offers which means you can save a lot on interest, especially if you have a large balance to transfer. Finally, many of them offer rewards programs which make them valuable long after your balance transfer is paid off.

Unfortunately, there’s no one-size-fits-all credit card so to determine if a credit card with no balance transfer is the best option for you, To help you determine which type of balance transfer credit card to get, consider where your situation falls according to the statements below.

A no balance transfer fee credit card is a better option if:

• You can qualify for membership with the card’s credit union
• The card offers an intro APR that’s long enough for you to pay off your debt
• You don’t care about credit card rewards or additional card benefits

A credit card with a balance transfer fee is a better option if:

• You need a card that offers a longer intro APR term
• You want the rewards and benefits that the card offers
• You don’t meet the membership qualifications for any card with no balance transfer fee

If you’re feeling stressed or overwhelmed about the amount of credit card debt you’re currently carrying, a balance transfer card can help bring some relief. Balance transfer credit cards offer 0% introductory APR periods on balance transfers ranging from six months to over a year. This means they allow every penny of your monthly payments to go toward the balance during the promotional interest-free period instead of the balance plus interest charges.

Plus, as an added bonus, a few of these cards don’t charge balance transfer fees (typically 3% to 5% of the amount of each transfer). For context, if you transfer a balance of $15,000, this could save you upwards of $750.

There are a few things to look out for when it comes to choosing a balance transfer credit card. In addition to selecting a card with no or a low balance transfer fee, you’ll also want to try to pay off the total amount of the transfer within the promotional period. Any balance remaining after the promotional period ends will be subject to the card’s ongoing APR.

Most balance transfer credit cards charge a fee each time you transfer a balance to the card — this is known as the balance transfer fee. Balance transfer fees are typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).

When you transfer an existing balance to a card that charges a balance transfer fee, the fee will be added to the card balance at the time of the transfer. So instead of paying the balance transfer fee in full upfront, you can pay it off over time as you pay down your transferred balance.

The balance transfer fee will reduce the amount you’re allowed to transfer.

For example, let’s say you’re approved to transfer $5,000 to a card with a 3% balance transfer fee. The balance transfer fee of $150 ($5,000 x 3% = $150) will lower the amount you’re initially able to transfer to $4,850 ($5,000 – $150 = $4,850).

With that in mind, make sure the amount you’re eligible to transfer to your new card is high enough to cover your existing credit card debt as well as the balance transfer fee.

Benefits of a no balance transfer fee credit card

The main benefit of a no balance transfer fee credit card is that you save money by not paying a balance transfer fee. These fees generally range between 3% and 5%, which means you would save between $180 and $300 on a $6,000 balance.

A card with no balance transfer fee can often save you more than transferring to a card with a longer intro period, especially considering that the APRs on these cards also tend to be lower. As you can see in the comparison table below, the no balance transfer fee card has a lower overall cost for transferring and paying down a balance compared to a card that has a longer 0% APR.

Calculating how much a balance transfer fee will cost you is pretty straightforward. Simply multiply the amount you plan to transfer by the balance transfer fee. For example, if you want to transfer a $10,000 balance to a card that charges a 5% balance transfer fee, the fee will equal $500 ($10,000 x 5% = $500).

As mentioned earlier, the balance transfer fee will be subtracted from the initial amount you’re allowed to transfer — reducing that amount to $9,500 ($10,000 – $500 = $9,500).

The best no balance transfer fee credit cards are issued by credit unions which require membership. Becoming a member can be tricky if you don’t live near a certain credit union or work or a qualifying organization, like the military or an affiliated company. However, there are workarounds that you can try as some credit unions have alternate ways to gain membership.

Here are your best bets for becoming a credit union member:

• Work for or be affiliated with a partner organization. Some credit unions only require you to have an affiliation with one of their partners which may include school districts, the Boys and Girls Club, local companies or religious organizations.
• Live in a certain state or county. You may be eligible to join a credit union based on your location alone. Some credit unions go as far as to allow any other family members to join through you, or vice versa, regardless of where the new applicant lives.
• Work for a member organization of the credit union. From teachers and tradespeople to farmers and people of specific faith and cultural groups there are credit unions that cater to specific groups.
• Military affiliation. If you are, or were, in the military, check the credit union of your branch. You may also qualify if a relative is or was in the military.
• Fulfill other membership requirements. Bethpage Federal Credit Union only requires opening a savings account with a $5 minimum deposit. First Tech Credit Union allows anyone to become a member by joining the Financial Fitness Association which is just $8 for a one-year membership. And there are hundreds of partner organizations that provide access to a membership with the Police and Fire Federal Credit Union (PFFCU).

The information related to the First Tech Choice Rewards World Mastercard®, Navy Federal Platinum Credit Card, Wings Visa Platinum Credit Card, Edward Jones Business Plus MasterCard Credit Card, ESL Rewards Visa Signature^® Credit Card, PFFCU Contactless Rewards Visa, BECU Visa Credit Card and Mastercard^® Rewards Points Credit Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.