Credit Cards With No Balance Transfer Fee
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Let’s face it — credit card interest rates can be outrageously high. The average APR on a new credit card is 19.33% and if you open a store card, it jumps to an average of 24.24%, according to a recent study by LendingTree.
If you are unable to pay your credit card balance in full every month, it can be frustrating to see your hard-earned money go toward interest payments.
Balance transfer credit cards offer a way to save on interest charges. With 0% introductory APR periods on balance transfers ranging from six months to more than a year, these credit cards allow every penny of your monthly payments to go toward the balance during the promotional period. And, as an added bonus, some of these cards don’t charge balance transfer fees (which are typically 3% to 5% of the amount of each transfer).
When it comes to choosing a balance transfer credit card – in addition to selecting a card that doesn’t charge balance transfer fees – you’ll want to ensure that you can pay off the total amount of the transfer within the promotional time period.
We review some of the best no balance transfer fee credit cards listed on our site to help you get a jump start on tackling your credit card debt.
Intro APR for 15 months, no balance transfer fee
The Amex EveryDay® Credit Card from American Express
The Amex EveryDay® Credit Card from American Express offers a long introductory APR of on balance transfers: 0% for 15 Months. Once the promotional period ends, an APR of 12.99%- 23.99% variable applies. The card also comes with a $0 balance transfer fee.
How much can you transfer? With The Amex EveryDay® Credit Card from American Express, the amount you are eligible to transfer will be less than your credit limit and will be determined by your creditworthiness and other factors, including your account history with American Express. The minimum amount you can transfer is $100.
What is the balance transfer window? The introductory APR offer only applies to balance transfers made within the first 60 days of account opening.
What to look out for. Like the majority of the cards in this post, The Amex EveryDay® Credit Card from American Express offers a welcome bonus and rewards on every purchase. However, it’s best to prioritize paying off the full balance of your transfer within the promotional time period over earning rewards on new purchases.
To see the rates and fees for The Amex EveryDay® Credit Card from American Express, please click here .
The Chase Slate® credit card offers the same introductory APR period as The Amex EveryDay® Credit Card from American Express: 0% Intro APR on Balance Transfers for 15 months. After that, the regular APR is 16.49% - 25.24% variable. The Chase Slate® card comes with an intro balance transfer fee: $0 for the first 60 days that your account is open, after that, either $5 or 5% of the amount of each transfer, whichever is greater.
How much can you transfer? The total amount of your balance transfer cannot be more than your available credit line or $15,000, whichever is lower.
What is the balance transfer window? You must make your balance transfer within 60 days of account opening to take advantage of the introductory APR on balance transfers as well as the introductory balance transfer free.
What to look out for. The Chase Slate® card does not allow you to earn rewards on purchases made using the card. That said, the lack of a rewards program can be a good thing, since you should focus on paying off the balance rather than earning rewards.
Intro APR for 12 months, no balance transfer fee
Edward Jones World Mastercard®
The Edward Jones World Mastercard® provides a 0% intro APR on balance transfers for 12 billing cycles (after that, an APR of 12.99% variable applies).
Similar to the Chase Slate® card, the Edward Jones World Mastercard® offers a $0 intro fee for balances transferred within the first 60 days of account opening; after that, a balance transfer fee of 3%of each transferred amount ($5 minimum) will apply.
How much can you transfer? Cardholders are allowed to transfer balances up to their approved credit limit.
What is the balance transfer window? You can receive the introductory APR and the introductory balance transfer fee on balance transfers made within 60 days of opening your account.
What to look out for. You will need to visit an Edward Jones branch to open this credit card.
Platinum Card from Navy Federal Credit Union
The Platinum Card from Navy Federal Credit Union offers a 0% introductory APR for 12 months on balance transfers. After the intro period ends, the APR will be 5.99% - 18% (variable). As for balance transfer fees? There are none.
How much can you transfer? You can transfer up to your available credit line. However, no single transfer can exceed $30,000.
What is the balance transfer window? The introductory APR on balance transfers applies to transfers requested within 30 days of opening your account.
What to look out for. To be eligible for this card, you must be a member of Navy Federal Credit Union. You may qualify if you or one of your family or household members has ties to the armed forces, Department of Defense or National Guard. Learn more about the qualification requirements here.
Choice Rewards World Mastercard® from First Tech FCU
The Choice Rewards World Mastercard® from First Tech FCU offers an introductory APR of 0% for 12 billing cycles on balance transfers. Once the intro period ends, the APR will be 8.25% - 18.00% variable. The Choice Rewards World Mastercard® from First Tech FCU has a $0 balance transfer fee.
How much can you transfer? You can transfer up to the amount of your Choice Rewards World Mastercard® from First Tech FCU credit limit.
What is the balance transfer window? You can receive the promotional APR on balance transfers requested within the first 90 days of opening your Choice Rewards World Mastercard® from First Tech FCU account.
What to look out for. Keep in mind that, since First Tech FCU is a credit union, membership is required. If you don’t qualify for membership, you can become a member by either joining the Financial Fitness Association for $8 or the Computer History Museum for $15.
The bottom line
It may seem counterintuitive to open another credit card if you’re trying to get out of debt. But, when you crunch the numbers, you’ll likely find that no-fee balance transfer credit cards with introductory 0% APR periods are an excellent tool to get out of debt and avoid high interest rates.
Considering the highest state average is over $4,000, most people could likely benefit from a balance transfer deal though it’s important to make sure you know what the card’s balance transfer APR is after the intro period. “We all think that we’re going to pay off that transferred balance before the introductory period ends, but life happens and it’s not always possible,” said Schulz. “Knowing ahead of time what rate you’ll pay once the introductory period is over can save you an unpleasant surprise later on.”
The information related to The Amex EveryDay® Credit Card from American Express and the Chase Slate® have been independently collected by LendingTree and have not been reviewed or provided by the issuers of these cards prior to publication. Terms apply to American Express credit card offers. See americanexpress.com for more information.