A balance transfer card is a smart way to finally get out of debt and save hundreds of dollars while doing it. Balance transfer cards allow you to transfer your existing balance to a new card to enjoy a low or no interest promotional period. Here’s a look at the best credit cards for transfer balances with no fee to maximize your savings. We chose the five best cards based on the length of the 0% APR offer, requirements, and total fees.
Why Do You Need a Credit Card for Balance Transfers?
A balance transfer offer allows you to pay down your balance while paying no interest. This can make it easier to pay off your balance faster and even save hundreds or thousands of dollars. This type of credit card offer is fairly straightforward: transfer an existing balance from a credit card with a high-interest rate onto a new card with a 0% intro APR.
When choosing a balance transfer card, it’s important to look at the length of the 0% offer and any fees you will pay such as an annual fee and balance transfer fee. Keep in mind most credit card companies ban same-issuer transfers which means you can’t transfer a balance from an American Express card to another Amex card. You may also save more money with a longer 0% intro APR and a balance transfer than you would with a shorter 0% offer with the fee waived.
What Are the Best Credit Cards for Transfer Balances with no Fee in 2018?
There are dozens of cards that advertise balance transfer offers but they are not all equal. Many balance transfer cards charge a balance transfer fee, which is usually 3-4% of the transferred balance which is added to the new balance automatically. Others have an annual fee that also eats into your savings.
Related: 6 Best Credit Cards for Balance Transfers in 2018
The best credit cards for transfer balances with no fee may waive the balance transfer fee and/or the annual fee which can potentially save hundreds of dollars. Here are the best cards for balance transfers based on fees, the length of the offer, and the credit score you will need.
5. Navy Federal Platinum Card
This credit union card offers a decent balance transfer offer with no balance transfer fees ever and no annual fee that earns it a place on this list of best credit cards for transfer balances with no fee. It also comes with a 0% intro APR for 12 months, which isn’t the longest available, but an ongoing low APR.
How to Qualify:
To qualify, you must become a member of Navy Federal, a credit union reserved for military members, Department of Defense employees, and family members.
Benefits:
- No annual fee.
- No balance transfer fees ever.
- 0% intro APR for 12 months on balance transfers.
- Ongoing APR as low as 7.74%.
Drawbacks:
- Very strict qualification requirements.
- No rewards program.
- The 0% intro offer isn’t the longest.
How to Use it:
The Navy Federal Platinum card is a good choice if you qualify and don’t have a huge amount of debt, which means you can pay it off within a year. Once the debt is paid off, the card is a good choice for financing purchases with a low APR.
4. PenFed Promise Visa Card
The PenFed Promise Visa is unique in that, like the Navy Federal Platinum, it never charges a balance transfer fee. It also comes a fairly low ongoing APR, and a sign-up bonus, which is rare for balance transfer cards. The downside is the card does not offer a 0% intro offer.
How to Qualify:
To qualify, you must qualify for membership at PenFed Credit Union which is reserved for retired and active U.S. military members and uniformed services, employees of qualifying organizations, and family members.
Benefits:
- No annual fee.
- No balance transfer fees ever.
- 4.99% intro APR on balance transfers for 12 months.
- $100 statement credit after spending $1,500 in 90 days.
- No cash advance or foreign transaction fees.
Drawbacks:
- No rewards program.
- No 0% APR offer.
How to Use it:
The PenFed Promise Visa is a good choice for financing purchases with its fairly low ongoing APR. It can also help you save money on interest while paying down debt with the 4.99% intro APR, although you can likely qualify for a better offer if you have good credit.
3. BankAmericard Credit Card
The BankAmericard card offers a long 0% intro offer, no annual fee, and a waived balance transfer fee which puts it in line with some of the best credit cards for transfer balances with no fee.
How to Qualify:
The BankAmericard requires an excellent credit score of at least 750 to qualify. To get the balance transfer fee waived, you will need to apply for the card directly through the Bank of America website, not a third-party site.
Benefits:
- No annual fee.
- 0% intro APR for 15 months.
- Balance transfer fee waived for 60 days.
- No penalty APR. This means a late payment won’t increase your APR.
- Get your FICO Score for free each month.
Drawbacks:
- No rewards program.
How to Use it:
The BankAmericard is ideal for saving on interest and getting out of debt. Make sure you apply directly through Bank of America to have the fee waived and transfer your balance within 60 days. This card is a good choice for people who occasionally miss a payment.
2. Amex EveryDay Credit Card
There’s a lot to like about the American Express EveryDay card. It comes with a very generous welcome offer that’s rare among balance transfer cards with 10,000 Membership Rewards points after $1,000 in purchases. It also has a fairly long 0% intro APR with the balance transfer fee waived for the first two months.
How to Qualify:
With American Express, 670 is usually the magic number. The Everyday Amex requires good to excellent credit which means a credit score of 670 or higher. As long as your score is about 670, you can likely qualify even with a thin credit file.
Benefits:
- No annual fee.
- 0% APR on balance transfers for 15 months.
- No balance transfer fee for the first 60 days.
- 1-2 rewards points per $1 with 10,000 points as a sign-up bonus.
Drawbacks:
- The ongoing rewards program isn’t the best with no more than 2 points per $1.
How to Use it:
To make the most of the card, qualify for the 10,000 sign-up bonus by using the card for everyday purchases like groceries and gasoline for the first month. Pay off the balance in full and transfer your balance from another card within 60 days to have the balance transfer fee waived.
1. Chase Slate
The Chase Slate card is the perfect choice if you’re trying to get out of debt. It has no annual fee, a long intro APR offer, a waived balance transfer fee, and the ability to get your FICO credit score every month for free. While the card may seem pretty basic at first, it specializes in helping you get out of debt.
How to Qualify:
Chase requires good credit for approval which usually means a credit score of at least 700 although you can qualify with a score as low as 650 if you have a long credit history or high income.
Benefits:
- No annual fee.
- No balance transfer fee for 60 days.
- 0% intro APR on balance transfers for 15 months.
- Free FICO score.
Drawbacks:
- No rewards program.
How to Use it:
To make the most of the Slate card, transfer your balance right away and make payments on time to enjoy a long 0% intro APR to save on interest. Take advantage of the free FICO score every month to track improvements in your credit.
Bottom Line
The Chase Slate card is the top choice when you’re looking for the best credit cards for transfer balances with no fee because it hits the trifecta: no balance transfer fee, no annual fee, and a good 0% intro APR. Is there another balance transfer card you’d like to recommend? Please share your recommendations or tips on the best credit cards for transfer balances with no fee!
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