Maybe you’re carrying a little extra debt these days. A balance transfer credit card lets you move high-interest credit card debt to a low or 0% introductory interest rate card, offering you a helpful reprieve. This strategy allows you to pay down debt faster without that extra interest piling up. Balance transfer credit cards have a fixed introductory period, usually between 12 and 21 months. During the initial zero-interest period, you can pay down the principal without getting buried under new interest.
What’s the catch? Most balance transfer cards charge a transfer fee — typically between 3% and 5% — which can be a big step in the wrong direction if you’re trying to settle your debt. However, some cards don’t charge a transfer fee. The trade-off? A shorter introductory APR period. While most balance transfer cards offer 18 to 21 months of low or no interest, no-balance-transfer-fee cards usually offer just 12 to 15 months.
If a credit card with no balance transfer fee makes sense for you, we’ve highlighted our top partner offers below.
Read more: Best Secured Credit Cards
Intro OfferN/A
APR8.49% to 19.99% (Variable)
Recommended Credit Excellent/Good Credit
Reward RatesN/A
Annual Fee$0
Intro Purchase APR0% Introductory APR for the first 15 months that your account is open.
Intro Balance Transfer APR0% Introductory APR for the first 15 months that your account is open.
Balance Transfer Fee Either $10 or 3% of the amount of each balance transfer, whichever is greater.
Balance Transfer APR8.49% to 19.99% (Variable)
Late Payment Fee Up to $37
Foreign Transaction Fees 3% of each transaction in U.S. dollars.
Penalty APR None
Our Take
The Union Bank® Platinum™ Visa® Credit Card offers 15 months of 0% introductory APR on both purchases and balance transfers, with $0 in balance transfer fees. Afterwards, you’ll 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 transfer credit cards. There is also no annual fee, making this a safe card to transfer your balance to without any extra costs whatsoever.
Intro OfferN/A
APR8.15% – 18.00% variable APR
Recommended Credit N/A
Reward RatesN/A
Annual Fee$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
Balance Transfer APR8.15% – 18.00% variable APR
Foreign Transaction Fees None
Our Take
Wings Financial Credit Union is based in Minnesota, but you can join by making a $5 donation 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% variable APR thereafter).
Intro OfferN/A
APR6.99% to 18.00% (Variable) when you open your account, based on your credit worthiness
Recommended Credit N/A
Reward RatesN/A
Annual FeeNone
Intro Purchase APRN/A
Intro Balance Transfer APRIntroductory 0.00% APR balance transfer for 12 billing cycles
Balance Transfer Fee None
Balance Transfer APR6.99% to 18.00% (Variable) when you open your account, based on your credit worthiness
Foreign Transaction Fees None
Our Take
First Tech Federal Credit Union is based out of San Jose, California, and catered initially to employees of tech companies in the Pacific Northwest. 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 for an annual membership) or the Financial Fitness Association ($8 for an 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 credit card balance transfer fees.
Intro Offer$100 in statement credit after you spend $500 on qualifying purchases, in the first 3 months after account opening
APR11.24%–21.24% (Variable)
Recommended Credit Excellent Credit
- 1% unlimited cash back on all qualifying purchases
Annual Fee$0
Intro Purchase APRN/A
Intro Balance Transfer APR3.25% variable intro APR for first 36 months on all balance transfers within 60 days of account opening.
Balance Transfer APR11.24%–21.24% (Variable)
- 1% unlimited cash back on all qualifying purchases
Our Take
The SunTrust Prime Rewards Credit Card* doesn’t 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 a year. It’s worth noting that the effective rate will actually be lower than 3.25% variable, if you can pay down your balance.
Bottom line: If you need more time to pay off your debt, the SunTrust Mastercard Prime Rewards offers a balanced combination of a low interest rate and a long payback period.
FAQs
How do balance transfer credit cards work?
When used correctly, balance transfer credit cards function as a debt-financing tool. They can help you pay down existing high-interest 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 set introductory period, allowing you to pay down your debt without worrying about high accruing interest. This introductory APR period generally 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 no-fee transfers, most balance transfer cards charge you between 3% and 5% of the balance transferred. Typically, the longer the introductory 0% APR period, the higher the fee, and vice versa. So cards without a balance transfer fee 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 fee?
We think the Wings Visa Platinum and First Tech Platinum cards 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 to $15 to become a member. This fee is relatively small compared to typical balance transfer rates, though. 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 membership fee under $20.
That said, if you’re already a member of a credit union, it may be worth asking if it offers a balance transfer card with a 0% introductory APR period and no balance transfer fee.
What are the benefits of a credit card with no balance transfer fee?
A credit card with no balance transfer fee lets you transfer a balance from one account to another without paying an upfront transfer fee, generally 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 a 0% APR offers a way to pay off high-interest credit card debt without paying a dime in interest or fees, but only if you can pay it off within one year. If you need more time, it might be better to consider a card with a balance transfer fee that has a longer no-interest or low intro APR period.
How do I decide if a credit card with no balance transfer fee is right for me?
The first step is to understand how large of a monthly payment you can afford each month. Then, 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 around 12 to 15 months, the 3% you save with a credit card with no balance transfer fee will be worth it. If it’s going to take you 17 to 18 months or longer, a card like the U.S. Bank Visa® Platinum Card may save you more money in interest payments, despite the 3% transfer fee ($5 minimum). If you need more than two years to pay down your balance, the SunTrust Mastercard Prime Rewards may be your best option. Don’t discount personal loans either — if you owe a significant amount and need a few years to repay your debt, you may be able to lock in a personal loan for a lower interest rate than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on balance transfers (11.24% to 21.24% variable APR thereafter).
Our methodology
CNET reviews credit cards by exhaustively comparing them across set criteria developed for each major category, including cash-back, welcome bonus, travel rewards and balance transfer. We take into consideration the typical spending 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 the annual fee, the “welcome bonus” and the cash-back rate (or rates, if they differ by spending category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging secondary factors such as the standard APR and the length of time you have to make a balance transfer after you open the account.
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*All information about the Wings Visa Platinum Credit Card, First Tech Platinum Mastercard, and the SunTrust Prime Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.