2017 RANKING & REVIEWS
CREDIT CARDS WITH NO BALANCE TRANSFER FEE
Pay Down Your Debt with No Fee Balance Transfer Credit Cards
If you’re serious about getting out of debt, then it’s time for you to ditch your high interest credit card in favor of something better. Debt can really pile up when you’re paying astronomical interest each month.
By switching all of your current debt onto a no fee balance transfer credit card, you’re taking the first step toward financial freedom and of finally being able to cut up that card.
Award Emblem: Top 6 Credit Cards with No Balance Transfer Fee
Here, at AdvisoryHQ, our goal is to set you up for fiscal success. We recognize that you could benefit from transferring the balance off your old high interest card onto a new one with a 0 balance transfer fee or significantly lower interest rate – but how? What is a balance transfer? To help you get started along the right path, we’ve compiled this list of our top ranking credit cards with no balance transfer fee.
You’ll get the full benefit of transferring your balance when there is no balance transfer fee associated with the process. Interested in seeing how this process could work for you? Just take a look at the detailed reviews we have compiled here to help you decide which of the best balance transfer credit cards with no transfer fee is right for you.
AdvisoryHQ’s List of the Top 6 Best Credit Cards with No Balance Transfer Fee
List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):
- BB&T Bright Card
- Capital One Platinum® Credit Card
- Chase Slate Credit Card
- Citi Simplicity® Card
- SunTrust Cash Rewards Credit Card
- Wells Fargo Visa Signature Card
Top 6 Best Credit Cards with No Balance Transfer Fee | Brief Comparison & Ranking
Credit Card Names
Balance Transfer Fee
|BB&T Bright Card||$10 or 3%||0%||15 months|
|Capital One Platinum® Credit Card||$0||N/A||N/A|
|Chase Slate Credit Card||$0 before $60 days, 5% after 60 days||0%||15 months|
|Citi Simplicity® Card||$5 or 3%||0%||21 months|
|SunTrust Cash Rewards Credit Card||$10 or 3%||0%||15 months|
|Wells Fargo Visa Signature Card||$5 or 3%||0%||15 months|
Table: Top 6 Best Credit Cards with No Balance Transfer Fee | Above list is sorted alphabetically
What Is a Balance Transfer?
It’s a pretty common question – exactly what is a balance transfer? When searching for a new credit card, you’re likely to come across a few that advertise themselves as 0 balance transfer fee cards. If that’s the case, it’s important to understand exactly what these 0 transfer fee credit cards are trying to convince consumers to do.
A balance transfer is really just the following steps performed in order:
- You rack up a large amount (or maybe even a not-so-large amount) of debt on your high interest credit card.
- You find a few 0 transfer fee credit cards where you can put the balance of that card onto a new card.
- The new credit card, one of these 0 balance transfer cards, will pay off the debt on the old card and allow you to assume the debt under the terms and conditions of the new credit card.
How Can a Balance Transfer Save Money?
It’s not uncommon to hear that transferring the balance from one credit card to another can save you money. The question really lies in how the process works. Credit cards with a no balance transfer fee can save you some serious cash – especially on interest – but you have to understand the process to make sure that you’re getting the card that’s right for you.
If you have a high interest credit card taking up space in your wallet, and it has a high balance as well, chances are your minimum monthly payment is close to astronomical. Since a significant portion of your monthly payment is allocated toward interest repayment, it can take you forever to pay down the principal that you actually borrowed.
By rolling the debt from your current credit card to a credit card with no balance transfer fee, you are essentially paying off the debt from the first card. With your new no balance transfer fee credit card, you can soak up all the advantages of a low interest card with 0 balance transfer fees or perhaps even one with an introductory rate featuring no interest at all.
More of your monthly payment will be directed specifically toward the principal debt that you accrued over the months or years before, allowing you to pay it down significantly faster. No balance transfer fee credit cards essentially allow you to take advantage of this method absolutely free.
You may sometimes encounter a card that charges an upfront percentage of the balance that you transfer (oftentimes listed at three percent). However, with our collection of the best balance transfer credit cards with no transfer fee, you’ll get all of the benefits of switching to a no fee balance transfer credit card with almost none of the cost.
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AdvisoryHQ’s Selection Methodology
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Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top rated credit cards, financial accounts, firms, products, and services.
Detailed Review – Top Ranking Best Credit Cards with No Balance Transfer Fee
Below, please find the detailed review of each credit card on our list of no balance transfer fee credit cards. We have highlighted some of the factors that allowed these best balance transfer credit cards with no transfer fee to score so high in our selection ranking.
BB&T Bright Card Review
Source: BB&T Bright Card
One of the top choices for low to 0 balance transfer cards, the BB&T Bright Card is ideal for consumers with good to excellent credit. It boasts no annual fee, no APR penalty for late payments, and a great introductory interest rate for the first 15 months.
Balance Transfer Fee
The BB&T Bright Card isn’t actually one of the 0 balance transfer cards. It does charge a minimal fee when it comes to shifting the balance from one card to another. You can expect a $10 minimum transaction fee to 3 percent of the overall balance. A no fee balance transfer credit card would make this process completely free.
However, we believe that this nominal fee is made up for with the 0 percent APR rates listed during the introductory period. Especially if it will take you a while to pay off your balance, the introductory period with no interest on the balance will offer substantial savings.
When you first sign up for this BB&T credit card, you’ll experience all of the benefits it has to offer, with no interest for the first fifteen months on balance transfers. While this is not the longest introductory period offered among our no balance transfer fee credit cards, we think you’ll find the APR after this period to be more than reasonable.
This BB&T credit card has the potential to offer you some of the lowest interest rates once your introductory period expires. In comparison to the Citi Simplicity Card and Chase Slate credit card, the Bright card from BB&T allows you to keep your minimum APR rate at just 8.40 percent. It caps out at a maximum APR of just 17.4 percent – also a substantially lower rate than the other options included in our list of the best credit cards with no balance transfer fee.
Capital One Platinum® Credit Card Review
Is the Capital One Platinum® credit card right for you? Among 0 balance transfer credit cards, this one is ideal for individuals who:
- Have average to good credit
- Have high balances and who want no balance transfer fee
- Plan to pay their balance off quickly
Balance Transfer Fee
The Capital One Platinum® credit card is one of a handful of cards that truly offers a 0 balance transfer fee. If you have a significant amount of debt incurred on another high interest credit card, this offering from Capital One is likely to be a top choice among 0 balance transfer credit cards. Its personal credit card allows you to transfer your balance and also waives any sort of annual fee.
When you’re investigating 0 balance transfer credit cards, you have to weigh their interest rates alongside the initial percentage or transfer fee that they will charge. For example, a $5,000 balance with a 3 percent transfer fee would add $150 onto your total debt. However, if that card charges a 0 balance transfer fee on the revolving debt, you may still come out ahead.
If it has a 0 balance transfer fee and no annual fee, what would be the disadvantage to this particular card?
The 0 balance transfer fee is where the Capital One Platinum® credit card truly shines. Apart from this feature, you are likely to incur a healthy amount of interest if you can’t pay down the balance quickly. At the current time, Capital One is not offering any introductory interest rates that would be ideal for paying down your credit card transfer balance.
Its typical rate is a variable APR, based on the prime rate, that comes in at 24.99 percent. With rates this high, you will have to consider how quickly you could pay off the card and whether the 0 balance transfer fee will really come out in your favor. In comparison, some of the other credit cards with no balance transfer fee will offer introductory rates that may significantly increase your savings beyond what these 0 balance transfer fee credit cards from Capital One can offer.
Chase Slate Credit Card Review
Source: Chase Slate Credit Card
Ideal for consumers who want to make a balance transfer quickly and take advantage of a low-interest introductory offer, the Chase Slate credit card tops the list as one of our top no balance transfer fee credit cards.
0 Balance Transfer Fee
Among the top choices for credit cards with no balance transfer fee, the Chase Slate credit card is ideal for consumers with good to excellent credit. Many credit card companies don’t offer a fully no fee balance transfer credit card, but Chase Slate benefits does gives you a brief window in which you can transform it into one of the great 0 balance transfer credit cards.
In the first 60 days, you can move your balance onto this card with a 0 balance transfer fee. However, once you move out of this small time window, you will incur a fee of five percent. If your plan is to open an account to take advantage of the Chase Slate benefits and a no balance transfer fee credit card, it would behoove you to perform your transfer quickly.
Even if you don’t get a chance to take advantage of its waived balance transfer fees, there are still several Chase Slate benefits to take advantage of. Fortunately, where Chase Slate benefits shine is in its introductory offers for low interest rates. Over the course of the first fifteen months of opening your account, you will enjoy 0 percent APR financing.
From this point on, you’ll still enjoy all of the benefits of credit cards with no balance transfer fees, but you’ll also find very competitive interest rates. The interest rates will range from 13.24 percent to 23.24 percent, depending on your creditworthiness. When compared to the benefits of other cards, such as the Capital One Platinum credit card, these interest rates are significantly lower than Capital One’s 24.99 percent APR.
Citi Simplicity® Card Review
Consumers with good to excellent credit will enjoy the significant benefits of the Citi Simplicity® card that go beyond its balance transfer fees and low interest rates. Consider a handful of other benefits before we dive into those specifics:
- No penalty fees for late payments
- No annual fees
- No APR penalties for late payments
Balance Transfer Fees
The Citi Simplicity® card does, unfortunately, have a minimal balance transfer fee. Depending on the amount that you will need to roll from one card to another, you could be facing a $5 minimum fee or a charge equal to three percent of the balance transfer. Of course, like most cards, the credit card transfer balance fee is subject to whichever number will be greater.
The Citi Simplicit® y card shines when it comes to its 0 percent APR offer on balance transfers. While it may not ultimately be one of the few credit cards with no balance transfer fee, it offers a longer than usual introductory period that can offset the cost of the initial transfer fee. Take a look at what you can expect from its interest rates:
- 0% APR: All purchases and balance transfers have no interest for the first 21 months as a special introductory offer. Saving money for close to two years on your interest rates could assist you in paying down your debt quickly. This date begins from the date the transfer is made within the first four months of opening the account.
- 13.24% to 23.24%: After your introductory period wears off, consumers will love the super low interest rates (determined by your creditworthiness). If you are unable to pay off your original balance transfer fee in the first 21 months where you have no interest, these rates still make it an ideal choice if you were searching for credit cards with no balance transfer fee. It can save you a lot of money over your current high interest offer.
SunTrust Cash Rewards Credit Card Review
Source: SunTrust Cash Rewards
Looking for the best of both worlds when it comes to no balance transfer fee credit cards and cashback rewards? The SunTrust Cash Rewards credit card is likely an ideal choice for you, featuring:
- 5% cash back on $6,000 of gas and grocery purchases the first year
- 2% unlimited cash back on gas and grocery after the introductory offer
- 1% unlimited cash back on all other purchases
Keep in mind that the SunTrust Cash Rewards credit card is not going to be one of the true no balance transfer fee credit cards. However, its fees are low and its other benefits may outweigh the cost of the transfer fees when you consider it as a whole. This offering features a minimum $10 fee or 3 percent of the balance amount – whichever is greater at the time.
Credit cards with no balance transfer fee can be difficult to find. However, you have the added benefit of maintaining 0 percent APR as an introductory rate for purchases and balance transfers within the first fifteen months of opening an account. Among the top no balance transfer fee credit cards, the SunTrust offering does have a pretty small time frame for its introductory interest rates. However, its cashback rewards may help to balance it out.
After the fact, you can expect relatively low interest rates (depending on your creditworthiness). Its competitive rates are especially low in comparison to other no balance transfer fee credit cards, coming close to the BB&T Bright Card offers. The SunTrust Cash Rewards credit card has variable interest rates ranging from 10.49 to 21.49 percent APR.
Wells Fargo Visa Signature Card Review
Source: Wells Fargo Visa Signature Card
Consumers with a credit score that would be considered good or higher will enjoy the perks associated with the Wells Fargo Visa Signature card. Apart from low balance transfer fees and great introductory rates on balance transfers, this card also features no annual fee and a handsome rewards points system with up to five years to use the points you earned. You’ll also enjoy added travel benefits – a great choice if you want a travel rewards card to transfer your balance to.
Balance Transfer Fees
Still relatively low in comparison to some cards, the Wells Fargo Visa Signature card charges a 5 percent balance transfer fee on an ongoing basis. However, during its initial 15-month period, you will find significantly lower fees on its credit card transfer balance. This card features a minimum of $5 or three percent – whichever number will be greater for you.
The rates for this no fee balance transfer credit card are very competitive with others in the industry. It even has a very appealing low interest introductory period that many consumers may want to take advantage of.
While they may not have a 0 balance transfer fee, the Wells Fargo Visa Signature card is right in line with other top no balance transfer fee credit cards. For an introductory period, you will find no interest on your balance transfers or on new purchases. Still, on the short side of things, this rate will last for approximately 15 months.
When the introductory period ends, be prepared to face higher interest rates once more. Its APR will be slightly higher than some of the other no balance transfer fee credit cards, with a minimum at 12.4 percent. With a lower credit score, you could see this number soar into the 26.24 percent range though.
Conclusion—Top 6 Best Credit Cards with No Balance Transfer Fee
When you need credit cards with no balance transfer fee, these top credit cards with no balance transfer fee will be a great starting point for you. A credit card transfer balance has the potential to save you a significant amount on your outstanding credit card debt, allowing you to pay it off much faster than you otherwise would. Even with minimal fees on the balance transfer itself, some of the introductory APR specials for balance transfers can help you to save and get out of debt at the same time.
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Whether you opt for the Chase Slate benefits or those more in line with the Capital One Platinum credit card, we know that you’ll love these top no balance transfer fee credit cards. Take a step toward a financially secure future and opt for one of these no balance transfer fee credit cards today.
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