When available, no fee balance transfer credit card offers provide consumers the opportunity to increase balance transfer savings by eliminating the pesky fee credit card companies charge for each balance you transfer. Since the credit crisis most major credit card companies stopped offering 0% APR no fee balance transfers, although at present there is a no fee offer available from Chase. Apart from this card, a good long term balance transfer offer will carry a low 3% fee and offer a 0% APR for 12 to 18 months, as many cards charge fees of 4-5% on balance transfers lasting as little as 6 to 9 months.
Below you can compare current low and no fee balance transfer credit cards. To learn more and start saving money, simply click the apply button.
Low and No Balance Transfer Fee Credit Cards
Editor’s Pick*: Offers a 0% APR for 15 months on purchases and balance transfers with no transfer fees and a regular APR of 12.99%, 17.99%, 22.99% (V)*.
Citi Simplicity® Card
Editor’s Note: 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the variable APR will be 12.99% – 22.99% based on your creditworthiness.
BankAmericard® Visa® Card
Editor’s Note*: 0% Introductory APR for 15 billing cycles for purchases and for any balance transfers made in the first 60 days, then, 10.99% – 20.99% variable APR*
No Fee Balance Transfer Credit Cards
No Fee Balance Transfer Update: As was the case in 2011, Discover ended their limited time 12 month 0% APR balance transfer offer at the end of February 2012. At present, the Chase Slate card is the only 0% APR no fee balance transfer credit card available from a major credit card company. This particular offer is for consumers with superior credit.
Chase Slate No Balance Transfer Fee Offer: At present, Chase Slate is the only 0% APR no balance transfer fee credit card being offered by a major bank. It also happens to be one of the best no fee balance transfer offers to hit the consumer market for at least five years. What is unique about this particular offer is that it not only waives fees, but also offers a 0% introductory period that lasts three months longer than the current industry average of 12 months.
What are Balance Transfer Fees and Should You Pay Them: Because no fee balance transfer cards are typically unavailable, consumers are often faced with paying transaction fees. While paying an up front fee will eat into a portion of potential interest savings, most consumers will find that it is more than worthwhile to pay a 3% fee in lieu of one year or 18 months of credit card interest, as these costs are typically less than two or three months of interest charges.
Additional Information about Balance Transfer Credit Card Fees
Until the credit crunch began, a number of companies offered 0% interest rates on no fee balance transfers. When these offers were readily available, a consumer could save $30 or more on every $1000 transferred and get all the benefits of a 0% APR.
Unfortunately, all the major issuers ceased offering 0% no balance transfer fee deals in early 2008. In 2011 and 2012, Discover ran limited time no fee balance transfer credit card promotions. Chase has also tested these offers on their Chase Slate card. However, these offers are typically only available for a limited time and are extremely uncommon. Consequently, consumers typically have little choice but to pay balance transfer fees should they desire to take advantage of the savings provided by a 0% APR, particularly on the longest offers.
Fortunately, paying balance transfer fees is not nearly as bad of a deal as one might think. While a nuisance, they hardly put a dent in the substantial savings one can reap with a 0% APR for year or more. And, while credit cards that offered a 0% APR for a year and charged no balance transfer fees were unquestionably the best deal in town, no fee deals that only offered a 0% APR for 6 months actually offered consumers significantly less savings than deals that included balance transfer fees.
The key thing is not to fret about paying $50 or $100 in balance transfer fees and focus on the hundreds you could save with a 0% interest rate.
A Brief History of Balance Transfer Credit Card Fees: Three years ago, there were a handful of credit cards that offered no fee balance transfers and 0% interest rates for 1 year. Today, balance transfer fees are on the rise, with most companies charging 3-5% balance transfer fees with no maximums. Although 0% credit cards that charge no balance transfer fees are gone for now, credit card companies have recently become more generous with 0% deals. So while you may have to pay an extra 4% in fees, it’s much better than paying a 14% interest rate with your current card.
*Important Disclaimer: See credit card applications for complete terms and conditions. While Smart Balance Transfers makes reasonable efforts to maintain accurate information, all credit card information is presented without warranty. When you click an “Apply” button, you can review the credit card terms and conditions on the issuing company’s web site.