Best Balance Transfer Credit Cards with No Transfer Fee in November 2024 – SEOD-282

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The best no-fee balance transfer credit cards are issued by credit unions, which require membership for all cardholders. Becoming a member can be tricky if you don’t live near a particular credit union or work for a qualifying organization, like the military or an affiliated company. That said, here are some workarounds you can try:

• Apply with a family member who lives near the credit union. Many credit unions restrict eligibility based on location, but some allow you to join through family members who live in an eligible city, county or state.
• Qualify through professional, religious or cultural affiliations. Many credit unions cater to specific groups, like teachers, tradespeople and members of specific faith and cultural groups. Do a quick online search for credit unions that offer membership to groups you identify with.
• Fulfill other membership requirements. Some credit unions offer membership to people who open accounts with them or who donate to partner organizations. For instance, you can join Bethpage Federal Credit Union by opening a savings account with a $5 minimum deposit.

The following balance transfer credit cards are worth considering despite charging balance transfer fees. In general, they’re easier to qualify for because they’re issued by national banks rather than credit unions. They also provide longer 0% interest introductory periods, which could help you save thousands on interest payments if you’re able to pay off your balance before the intro period ends. Plus, many of them offer rewards, making them valuable long after you’ve paid off your balance.

Balance transfer credit cards offer 0% introductory APR periods on balance transfers ranging from 6 to 21 months. This means that every penny of your monthly payments will go toward your balance during the promotional interest-free period. The best cards for balance transfers help you save money by waiving balance transfer fees (typically 3% to 5% of the amount of each transfer) or offering long interest-free introductory periods to pay off your balance.

There are limitations to consider. You can’t transfer balances between cards from the same credit card company, or issuer. For example, you can’t transfer a balance from one Citi card to another Citi card. You’ll also need to make your transfer within a set time limit in order to take advantage of the promotional interest rate. This time limit is called a balance transfer window, and it’s typically 60 days from the date you open your account.

A balance transfer fee is exactly what it sounds like — a fee you pay every time you transfer a balance to a new card. Balance transfer fees are typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).

How do balance transfer fees work?

When you transfer an existing balance to a card that charges a balance transfer fee, the fee will be added to your balance at the time of the transfer. So instead of paying the balance transfer fee upfront, you can pay it off over time as you pay down your transferred balance.

The balance transfer fee will reduce the amount you’re allowed to transfer. For example, let’s say you’re approved to transfer a maximum of $5,000 to a card with a 3% balance transfer fee. The balance transfer fee of $150 ($5,000 x 3% = $150) will lower the amount you can transfer to $4,850 ($5,000 – $150 = $4,850).

How much can you save with no balance transfer fee?

The main benefit of a no-balance transfer fee credit card is that you’ll save money by avoiding the balance transfer fee. These fees generally range from 3% to 5%, which means you would save between $180 and $300 on a $6,000 balance.

A card with no balance transfer fee can often save you more than transferring to a card with a longer intro period, especially considering that the ongoing interest rates on these cards also tend to be lower. As you can see in the comparison table below, the no-balance transfer fee card has a lower overall cost for transferring and paying down a balance compared to the card with a longer 0% APR.

How to calculate a balance transfer fee

Calculating how much a balance transfer fee will cost you is pretty straightforward. Simply multiply the amount you plan to transfer by the balance transfer fee. For example, if you want to transfer a $10,000 balance to a card that charges a 5% balance transfer fee, the fee will equal $500 ($10,000 x 5% = $500).

As mentioned earlier, the balance transfer fee will be subtracted from the initial amount you’re allowed to transfer — reducing that amount to $9,500 ($10,000 – $500 = $9,500).

There are a few things to look for when it comes to choosing a balance transfer credit card. In addition to choosing a card with no or a low balance transfer fee, you’ll also want to make a plan to pay off the total amount of the transfer within the promotional period. You’ll be charged interest on any balance remaining after the promotional period ends.

After you’re approved for a balance transfer credit card, you’ll need to initiate the transfer online or by phone with the new credit card company. Be ready to provide information about the account where you currently owe a balance, including:

• The name of the credit card company
• The account number
• The amount you want to transfer

You should remain current on your existing credit card payments until you receive confirmation that your transfer has been completed. It may take up to three weeks for your balance to transfer.