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||Rates (APR)||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|7.39% - 29.99%||$1,000 - $50,000||Visit Upstart|
|5.29% - 14.24%1||$5,000 - $100,000||Visit SoFi|
|8.00% - 25.00%||$5,000 - $35,000||Visit Payoff|
|5.99% - 16.24%2||$5,000 - $50,000||Visit Citizens|
|5.99% - 35.89%||$1,000 - $40,000||Visit LendingClub|
|5.25% - 14.24%||$2,000 - $50,000||Visit Earnest|
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.