Best No Balance Transfer Fee Credit Cards Of January 2024 (2024)

Forbes Advisor looked at dozens of offers to find and rank the best no-balance-transfer-fee cards. Factors considered include.

• Whether or not the card has a balance transfer fee
• Additional fees
• Into APR offers
• Credit bureau reporting
• Rewards
• Rewards redemption options
• Other ongoing card benefits

Forbes Advisor rates cards both as stand-alone products (the card rating on the review) and compared to others in a specific use case. Sometimes, cards with average stand-alone ratings may still rank highly on a particular list according to how a person looking for a card in that category may value certain card features.

For instance, a card that might be considered mediocre overall could be the top card on a list of rewards cards with no annual fee. That’s because the card might offer limited features compared to other rewards cards, but after we remove cards that charge an annual fee, it’s the best card that remains.

Forbes Advisor uses data from multiple government agencies to determine how much a typical cardholder might spend. We use the same numbers for cards in the same category to make sure we are comparing cards the same way. The bonus categories for spending included with each card are factored into our determination of how many rewards a cardholder could expect to earn if they use the card as a consumer normally would.

Read more: How Forbes Advisor Rates Credit Cards

Credit card issuers often charge a balance transfer fee for allowing you to transfer an outstanding credit card balance to a different card. The fee amount varies between issuers and specific cards. Usually, a balance transfer fee is a flat-rate cost or a percentage of the total amount transferred, whichever is greater.

Even with a 0% introductory APR offer, paying a fee increases the cost of transferring over an existing balance. Depending on the outstanding balance’s current APR, the balance transfer fee could be lower or higher than the cost of paying off the outstanding balance.

A no-balance-transfer-fee card works exactly like any balance transfer credit card, except the issuer doesn’t charge an additional fee for processing the transfer. The transfer process may depend on the issuer or the timing of the transfer. Some issuers allow you to request a balance transfer during the application process, while others allow you to request later online, by phone or other methods.

With a no-balance-transfer-fee card, there’s no additional fee cost to consider if you want to transfer an outstanding balance. Some no-balance-transfer-fee cards offer introductory 0% APR on balance transfers for an extended period. You won’t pay interest charges on the transferred amount as long as you meet any minimum payment requirements and pay the balance in full by the end of the offer period.

If you miss a payment, or or make payments late, you could lose your introductory interest rate or get charged a penalty APR, which is generally higher than a card’s regular APR. Once the promotional period ends, the card converts to its regular APR. If you fail to pay off the balance before the promotional period ends, the card issuer will charge interest on the remaining balance. Sometimes, the card issuer may charge interest on the transferred balance if you don’t pay it off before the introductory period ends.

Read the fine print of your cardholder agreement and balance transfer documentation before you apply for a transfer to understand your financial obligations.

Like any credit card, there are several factors to consider before choosing a no-balance-transfer-fee card.

• Introductory APR. Look for cards that offer 0% intro APR on balance transfers, especially if you want to transfer an outstanding balance soon.
• Ongoing APR. Consider the regular APR you will pay on purchases and balance transfers once the introductory period ends.
• Other fees. Look for other fees the issuer charges for having the card, like an annual fee, foreign transaction fees and late fees.
• Transfer rules. Determine if the card issuer has specific guidelines, rules, limits or penalties with balance transfers.
• Card benefits. Look for cards that offer additional benefits like travel perks or travel and consumer protections.

Determine what’s most important to you in a no-balance-transfer-fee card and compare several cards to find the best fit for your needs.

If you’re considering a balance transfer to consolidate your debt or to pay off an outstanding balance quicker, a balance transfer credit card may be the best option. A no-balance-transfer-fee card has the added benefit of avoiding expensive fees charged by issuers to process a transfer.

However, these savings could mean getting a card with fewer benefits relative to similar products. There aren’t many credit cards on the market with no balance transfer fees, so your options are limited compared to general balance transfer credit cards or rewards cards.

A no-balance-transfer-fee credit card is an excellent option if your goal is solely to transfer an outstanding balance and pay it off. If you’re looking for an everyday card or want to get rewarded for monthly spending, compare your options before choosing a card.

How To Get a No Fee Balance Transfer Credit Card

No fee balance transfer credit cards are generally available through credit unions, as evidenced by our top picks above, but you may find them through banks or other card issuers. You can apply online through the issuer’s website, the same as other credit cards. In some cases, you may have the option to apply in person if a credit union or bank issues the card. Credit unions may require you to be a member or become one before you can apply for a credit card.

The issuer performs a hard credit inquiry during the application process to determine your creditworthiness and eligibility for the card. It also uses this information to determine your credit limit and regular APR. Depending on the issuer or card, you may have the option to apply for a balance transfer during the application process or once approved.

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