No one ever accumulates credit card debt on purpose. But sometimes those little purchases start to add up and we find ourselves digging out of thousands of dollars of debt.
However, applying for a balance transfer to move your debt to a lower interest card can save you a ton of money, help you pay down your balances and get out of debt.
But not all cards and offers are created equally. Read on to learn which card may be best for you to avoid a balance transfer fee while getting out of debt.
What is a balance transfer fee?
A balance transfer fee is a charge from a credit card company for moving your existing balance from one card to another.
Let’s say, for example, you have a card, Card A, with a $5,000 balance. Meanwhile, Card B offers a 0% annual percentage rate (APR) for 12 months for balance transfers – but charges a three percent balance transfer fee.
If you transfer your balance, Card B will pay off your balance on Card A, put the balance on your new card, and charge you a three percent fee on the balance transferred. For a $5,000 balance transfer at three percent, the fee would be $150.
Moving to a 0% APR card would still save you money in most cases. Plus, that three percent fee is far less than the interest charged over time on a $5,000 balance.
But some cards offer the best of both worlds. If you can find a card with no transfer fee and a low APR, you’re guaranteed to save money with a transfer. Here are the four best no balance transfer fee credit cards.
Credit cards with no balance transfer fee
1. Chase Slate® credit card
Slate from Chase is one of the best low-fee cards available today, and a top option for balance transfers.
You pay no balance transfer fee when you complete your first balance transfer within the first 60 days of opening a new account. After that, you pay 0% APR on purchases and balance transfers for the first 15 months you have your account.
The account charges no annual fee and includes a free FICO credit score.
- 15 months at 0% APR
- No annual fee
- Variable rate APR up to 24.24% based on credit history
- After 60 days balance transfers cost 5% of the amount transferred ($5 minimum)
2. Barclaycard Ring™ MasterCard®
The new Barclaycard Ring MasterCard is another top contender among all low fee credit cards.
The card charges no annual fee, no foreign transaction fees, and no balance transfer fee as long as you have the card. If you plan on several balance transfers over time, this is the best option available today.
You can get 15 months at 0% APR by completing balance transfers within 45 days of opening a new account.
- 15 months at 0% APR
- Will never incur fees for balance transfers
- No miles, points, or cash back rewards
3. NASA Federal Credit Union Visa
NASA Federal Credit Union offers three Visa credit cards with no balance transfer fees: a cash back card, a travel rewards card, and a classic card with a fixed interest rate.
In fact, these cards are low fee all around with no annual fees and no foreign transaction fees, with APRs as low as 10.65%. You can’t go wrong moving a balance to any card at NASA FCU.
- Choose cash back, travel rewards, or low fixed rate APR
- Secured option available for low credit applicants
- No annual fee
- APRs up to 18%
- No 0% APR introductory period
4. Alliant Credit Union Visa® Platinum Rewards
The Alliant Credit Union Visa Platinum Rewards credit card has no annual fee for credit card charges, no balance transfer fee and offers the most creditworthy applicants 0% APR for 12 months on purchases and balance transfers. The card also offers one reward point per dollar.
While those rewards are not very compelling, this card is a good choice for low interest rates with no balance transfer fee.
- 12 month 0% APR introductory period
- No annual fee
- Variable rate APR up to 21.74% after introductory period ends
- 0% introductory period only available to high credit score applicants
Use these cards to reach debt freedom
Many credit card users take advantage of a card’s low APR and no balance transfer fee to get out of debt. However, you can undo your progress by making purchases that will just add to your debt.
Therefore, be sure to stick to your budget and keep a focus on early debt payments. Pay extra and often to get yourself out of debt even faster.
If you take advantage of credit cards with no balance transfer fee and low interest, you’ll have a much easier time getting that debt completely paid off for good.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|