Best Balance Transfer Credit Cards With No Fee for June 2023
Written by
Allison Hache
Edited by
Amber Barkley
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Transferring balances to a credit card with an introductory APR can help you pay off credit card debt faster, but this often comes with a price. Credit card companies typically charge a fee — a percentage of the transferred balance. Still, some don’t charge a balance transfer fee, which means you get the benefits of a low promotional APR without the extra costs.
While not all of these cards offer an intro APR, the lack of a fee may make a balance transfer worth it — as long as your new APR is lower than the old one.
Here’s a look at some top picks for credit cards that don’t charge a balance transfer fee.
Top Credit Cards With No Balance Transfer Fee
Getting a great introductory APR rate is in itself a reward, but these cards have additional features that make them a better choice for different consumers. Review what each card offers to find the one that’s best for you.
1. Capital One Venture Rewards Credit Card: Best for Travelers
- APR:
About the Card
The Capital One Venture Rewards card is for people with excellent credit. It has an annual fee of $95 but no balance transfer fees or foreign transaction fees. However, there is a cash advance fee of $3 or 3%, whichever is greater.
Also note that this card does not offer an introductory APR — it’s only worth the balance transfer if the regular APR you qualify for is lower than the APR on the card you’re transferring the balance from.
Who It’s Best For
If you like to travel, this might just be the card for you. Besides no foreign transaction fees, Capital One Venture Rewards comes with other perks for travelers, including complimentary visits to Capital One Lounges and a $100 credit for Global Entry or TSA PreCheck.
Benefits
Earn two miles per dollar for every purchase made with the card and five miles per dollar when you book hotels and rental cars through Capital One Travel. New customers can earn 75,000 bonus miles when they spend $4,000 on purchases in the first three months. You can use your miles where you see fit, since this card is not attached to a specific airline.
2. First Tech Choice Rewards World Mastercard: Best for Everyday Rewards
- APR: 13.25% – 18.00% variable
About the Card
First Tech’s Choice Rewards World Mastercard is free of annual fees, balance transfer fees, cash advance fees and foreign transaction fees. Plus, new cardholders get a 0% introductory APR for one year on all balances transferred within the first 90 days of card opening. The APR will be 13.25%-18.00% variable after that, placing the card in the lower range of credit card rates.
Who It’s Best For
The card is best for people who will make a habit of using it for everyday purchases, which will help them rack up rewards for ordinary, recurring expenses. It’s also good for people who want a year to pay off a transferred balance without interest.
Benefits
The card has an impressive rewards program that pays 2x rewards on gas, grocery and household purchases and one point per dollar for all other purchases. Cardholders also enjoy discounts on select services and can qualify for additional perks when they open a checking and savings account with the credit union.
Rewards don’t expire, and new customers can earn 20,000 bonus points by spending $3,000 in the first 60 days, which equals a $200 value.
3. Navy Federal Platinum Credit Card: Best for APR
- APR:
About the Card
The Navy Federal Platinum credit card is for people with average to excellent credit. It comes with an introductory APR of 0.99% for 12 months on balance transfers made within 60 days of opening an account. After that, the rate increases to between — one of the lowest rates available.
Who It’s Best For
The Navy Federal Platinum card is best for people who want a low introductory APR on balance transfers that transitions to a lower-than-average APR after 12 months.
Benefits
The card comes with additional perks, including collision damage waiver for rental cars, emergency assistance and fraud alerts. Cardholders also enjoy no annual fees, foreign transaction fees or cash advance fees. The card is available to Navy Federal Credit Union members, which includes active and retired military personnel and their family members.
4. Wings Visa Platinum Card: Best for Extended Balance Transfer Window
- APR: 12.90% – 18.00% variable
About the Card
Wings Financial Credit Union’s Visa Platinum Card customers enjoy a 0% introductory APR on all purchases and balance transfers for 12 months after opening the account. A rate of 12.90%-18.00% variable applies after the introductory period ends. The card has no balance transfer, foreign transaction or annual fees. It does have a cash advance fee of the greater of $10 or 2%.
Who It’s Best For
The card is best for people who don’t want to lose out on the introductory rate if they don’t transfer their balances within the first couple of months of card ownership. Other cards restrict promotional rates to purchases and transfers made up to 60 days after opening.
Still, it’s to your advantage to transfer balances as soon as possible to take advantage of the intro APR.
Benefits
The Wings Visa Platinum is a simple rewards card: You’ll earn one point for every $1 you spend. It also comes with travel perks, like collision damage waiver protection on rental cars, and Visa perks.
5. Edward Jones Business Plus Mastercard: Best for Business Owners
- APR: 19.99% – 29.99% variable
About the Card
The Edward Jones Business Plus Mastercard offers a 0% introductory fee for balance transfers made in the first 60 days. After 60 days, a balance transfer fee of $5 or 3% will apply. Additionally, for the first 12 months, a 0% APR will apply to all balance transfers. After that, the APR will be 19.99%-29.99% variable.
The card has no foreign transaction fees and also no annual fee, as long as you make at least one purchase with your card each year; otherwise the annual fee is $25. Cash advance fees are the greater of $10 or 4%.
Who It’s Best For
The card is reserved for Edward Jones clients who are business owners. It could be a good choice for cardholders with high-interest debt that they can transfer and pay off within the interest-free introductory period of 12 months.
The regular APR is not as competitive as some other balance transfer cards offer, and once it kicks in, it would quickly increase any balance transfer debt that still remains.
Benefits
The card has a wide variety of benefits, including up to 6x Loyalty Points. Cardholders earn 1.5 Loyalty Points for eligible net purchases, up to $40,000, and 2 Loyalty Points for eligible net purchases over $40,000 each year. Plus, the card offers 4 additional Loyalty Points for prepaid hotels and car rentals cardholders book via the Edward Jones Rewards Travel Center.
New customers will earn 15,000 Bonus Loyalty Points after spending $1,000 in eligible net purchases within 90 days of opening your account.
Final Take
When shopping for a credit card with no balance transfer fee, it’s important to consider more than the introductory APR. At the end of the promotional period, the card’s standard APR applies to the balance and purchases. Before applying, learn more about the standard APR, perks and rewards programs offered so you can choose the one that best fits your lifestyle.
FAQ
- Do balance transfers hurt your credit?
- Balance transfers can lower your credit score, but how much and for how long depends on several factors. Applying for a new card increases the number of new inquiries on your credit report, which can drop your score by a few points. A new credit card also lowers your length of credit history, which accounts for 15% of your credit score and can be a significant factor for people with a short credit history.
- However, balance transfers can also boost your score. The new credit line can lower your credit utilization. It also can help diversify your credit mix, which can be useful if you don't have many credit cards.
- Is 3% a good balance transfer fee?
- Balance transfer fees typically range from 3% to 5%, so 3% is on the lower end of the range. For some people, it makes sense to choose a card with a 3% balance transfer fee.
- Even if you won't be able to pay off the balance during the promotional period, paying a 3% fee may be worth the extra months of 0% APR or a lower APR for post-promotional balances.
- How much will it cost to transfer a $1,000 balance to a credit card?
- Balance transfers fees are usually between 3% and 5%, so transferring a $1,000 balance to a credit card will cost between $30-$50.
- How can I avoid paying balance transfer fees?
- The only way to avoid paying balance transfer fees is to choose a card that doesn't charge the fee. The savings can be significant. If you transfer $10,000 to a new card, you can save between $300 and $500 by selecting a card with no balance transfer fee.
- What is the downside of a balance transfer credit card?
- Some cards restrict the types of balances and amounts you can transfer. For example, the bank may only accept a balance transfer from a card issued by a different bank. You also won't be able to transfer more than the credit limit on the new card.
- If you're unable to pay off the balance before the promotional period ends, the card's standard APR applies. This can cost you more money over time if the new card's APR is higher than your current card.
Cynthia Measom contributed to the reporting for this article.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of June 7, 2023.
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- MyFICO. "What's in my FICO® Scores?"
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- Discover. 2023. "Is a Credit Card Balance Transfer a Good Idea or Not Worth It?"
