Transfer credit card debt from a high value account interest rate to a new card with a long 0% APR period can save you big money each monthly billing cycle. But if you are planning to transfer a large amount of debt, be sure to first consider the balance transfer fees.
Some credit cards charge a fee – usually between 3% and 5% of the amount transferred to you – for the transaction balance transfers. These fees may temporarily increase your balance and negate some of the benefits of a lower interest rate.
Fortunately for you, other credit cards completely waive balance transfer fees, although they may compensate for this free transfer with a shorter initial APR period.
If you want to move your credit card balance to a new account and skip the balance transfer fee, check out our top partner offers to find the card that works best for you. We will periodically update this list as credit card bids and terms change.
Read more: Best secured credit cards
Introductory offerN / A
GPR8.49% to 19.99% (variable)
Recommended credit Excellent / Good credit
Remuneration pricesN / A
Annual fee$ 0
Introduction Purchase APR0% APR for the first 15 months your account is open.
Introduction Transfer of balance APR0% APR for the first 15 months your account is open.
Balance transfer fee Either $ 10, or 3% of the amount of each balance transfer, whichever is greater.
Transfer of APR balance8.49% to 19.99% (variable)
Late payment fee Up to $ 37
Fees for foreign transactions 3% of each transaction in US dollars.
Punishment of the GPR None
Our claim
Union Bank® Platinum ™ Visa® credit card offers 15 months 0% APR for both purchases and balance transfers, with $ 0 balance transfer fees if you complete your first balance transfer within the first 60 days of opening on the account (then, 3% of each transfer with a minimum of $ 10). After the expiration of the promotional APR, you will be subject to a variable APR of 8.49% to 19.99% – the lower end of this range is very competitive compared to most balance credit cards. In addition, there is no annual fee, which makes this card safe to transfer your balance at no extra cost if you are diligent.
Introductory mid-range APR offer
Introductory offerN / A
GPR8.15% – 18.00% variable APR
Recommended credit N / A
Remuneration pricesN / A
Annual fee$ 0
Introduction Purchase APR0% introducing APR for 12 months from opening an account for purchases
Introduction Transfer of balance APR0% introducing APR for 12 months from opening a BT account
Balance transfer fee None
Transfer of APR balance8.15% – 18.00% variable APR
Fees for foreign transactions None
Our claim
The Wings Financial Credit Union is based in Minnesota, but you can join by making a $ 5 donation to the Wings Financial Foundation. You can then apply for a Wings Visa Platinum credit card *, which does not charge annual or balance transfer fees and offers 12 months of 0% introductory APR for balance transfers and purchases (8.15% to 18.00% variable APR then ).
Introductory offerN / A
GPR6.99% to 18.00% (variable) when you open your account based on your creditworthiness
Recommended credit N / A
Remuneration pricesN / A
Annual feeNone
Introduction Purchase APRN / A
Introduction Transfer of balance APRIntroducing 0.00% APR balance transfer for 12 billing cycles
Balance transfer fee None
Transfer of APR balance6.99% to 18.00% (variable) when you open your account based on your creditworthiness
Fees for foreign transactions None
Our claim
The first technology federal credit union is based in San Jose, California, and initially cared for employees of technology companies in the Northwest Pacific. Today you can become a member if you work for one of their partner companies or become a member of the Computer History Museum ($ 15 per year) or the Financial Fitness Association ($ 8 per year).
The First Tech Platinum Mastercard * also offers 12 billing cycles of 0% introducing APR for balance transfers (6.99% to 18.00% variable APR thereafter) with no credit card balance transfer fees.
Low introductory APR without balance transfer fee
Introductory offer$ 100 in credit statement after spending $ 500 on eligible purchases in the first 3 months after opening an account
GPR11.24% – 21.24% (variable)
Recommended credit Excellent credit
- 1% unlimited refund for all eligible purchases
Annual fee$ 0
Introduction Purchase APRN / A
Introduction Transfer of balance APR3.25% variable initial APR for the first 36 months for all balance transfers within 60 days of account opening.
Transfer of APR balance11.24% – 21.24% (variable)
- 1% unlimited refund for all eligible purchases
Our claim
The SunTrust Prime Rewards * credit card does not charge a balance transfer fee per se ($ 0 for balance transfers for the first 60 days, then 3% or a minimum of $ 10). Rather, it comes with three years of relatively low APR – 3.25% variable – which serves as a fixed transfer fee paid for one year. It is worth noting that the effective rate will actually be lower than the 3.25% variable if you can pay off your balance.
Bottom row: If you need more time to pay off your debt, SunTrust Mastercard Prime Rewards offers a balanced combination of low interest rates and long payback periods.
FAQ
How do credit cards for balance transfer work?
When used properly, balance transfer credit cards function as a tool for debt financing. They can help you pay off an existing high interest rate credit card debt faster and for less.
When you transfer a balance, you move debt from one credit card to another. The best balance transfer cards offer low or no interest for a certain payout period, which allows you to pay off your debt without worrying about high accrual interest. This APR introductory period usually lasts between 12 months and 21 months, giving you a significant amount of time to pay your balance before the interest rate rises.
While several credit cards offer free transfers, most balance transfer cards charge you between 3% and 5% of the transferred balance. Usually, the longer the introductory period of 0% APR, the higher the fee and vice versa. So cards without a balance transfer fee have shorter APR entry periods, and those with transfer fees have longer APR entry periods.
Where can I find credit cards without a balance transfer fee?
We believe that Wings Visa Platinum and First Tech Platinum are two of the best credit cards with no balance transfer fee. While both offer introductory APR offers, you will have to pay between $ 5 and $ 15 to become a member. However, this fee is relatively small compared to typical balance transfer rates. For comparison, let’s say you’re transferring $ 5,000 in credit card debt – a 3% fee card will charge you $ 150 for that, while Wings Visa Platinum and First Tech Platinum cards will only require a membership fee of less than $ 20.
However, if you are already a member of a credit union, it may be worth asking if it offers a balance transfer card with a 0% APR introductory period and no balance transfer fee.
What are the benefits of a credit card without a balance transfer fee?
A credit card without a balance transfer fee allows you to transfer a balance from one account to another without paying a transfer fee in advance, usually between 3% and 5%. The compromise is a shorter introductory period of the APR for the transfer of balance.
Credit card with no balance transfer fee and 0% APR offers a way to pay off credit card debt at a high interest rate without paying a penny of interest or fees, but only if you can pay it off within a year. If you need more time, it may be better to consider a card with a balance transfer fee that has a longer interest-free period or a low initial APR.
How do I decide if a credit card without a balance transfer fee is right for me?
The first step is to find out how much monthly installment you can afford each month. Then calculate how much you will pay interest and fees with two or three different credit cards to transfer the balance.
Generally speaking, if you can pay off your debt in about 12 to 15 months, the 3% you save on a credit card without a balance transfer fee will be worth it. If it takes you 17 to 18 months or more, a card like US Bank’s Visa® Platinum Card can save you more money on interest payments, despite a 3% transfer fee (minimum $ 5). If you need more than two years to pay off your balance, SunTrust Mastercard Prime Rewards may be your best option. Don’t neglect personal loans either – if you owe a significant amount and need several years to pay off your debt, you may be able to take out a personal loan for a lower interest rate than SunTrust Mastercard Prime’s introductory APR of 3.25 % on balance transfers (11.24% to 21.24% APR variable thereafter).
Our methodology
CNET reviews credit cards comparing them exhaustively against certain criteria developed for each major category, including a refund, a welcome bonus, travel rewards and a balance transfer. We take into account the typical spending behavior of a number of user profiles – with the understanding that everyone’s financial situation is different – and the specific function of the card.
For credit cards with a refund, for example, key factors include the annual fee, the “welcome bonus” and the cash back rate (or rates if they differ by cost category). For cards with prizes and miles, we calculate and weigh the net monetary value of the respective card benefits. And with balance transfer credit cards, we analyze specifications such as the length of the introductory period of 0% APR and the balance transfer fee, while taking into account secondary factors such as the standard APR and the length of time you need to transfer the balance after you open. the account.
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* All information about the Wings Visa Platinum credit card, First Tech Platinum Mastercard and SunTrust Prime Rewards credit card was collected independently of CNET and has not been reviewed by the issuer.
The editorial content of this page is based solely on objective, independent evaluations by our authors and is not influenced by advertising or partnerships. It is not provided or ordered by a third party. However, we may receive compensation when you click on links to products or services offered by our partners.