The Best Credit Cards with No Balance Transfer Fee

The Best Credit Cards with No Balance Transfer Fee

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Balance transfer credit cards can help individuals pay down their card debt faster by offering 0% interest for a limited period of time. However, many of these cards typically come front loaded with transfer fees that can make your financial situation worse before it gets better. We looked through hundreds of credit card contracts to find cards that don’t charge any fees for transferring a balance, or ones that offer a special promotion that waives the fee. We then picked out the best ones to save you the time from having to do the search yourself.

The Best Credit Card With a No Balance Transfer Fee Is …

  • Navy Federal cashRewards Credit Card

Navy Federal cashRewards Credit Card

Unlike most no-fee balance transfer credit cards, the Navy Federal cashRewards Credit Card is also a very good rewards card, which is what earned it a spot on our list. On the balance transfer side of things, this card doesn’t charge you transfer fees, and it has a low introductory APR on transfers of 2.99% -- this will last for up to 12 months after your account is opened.

As we mentioned, the above-listed benefits alone wouldn’t qualify the Navy Federal cashRewards Credit Card as one of the best. You can get a better introductory APR with the Chase Slate® and a better ongoing interest rate with the Barclaycard Ring® Mastercard®. What gives the Navy Federal cashRewards Credit Card an edge over those other office is the 1.5% cash back rate. That is the same rewards rate as some of the top cash back credit cards. This combination makes the Navy Federal cashRewards Credit Card uniquely balance to give you good value if you need to conduct a balance transfer and help you out when you’re not dealing with debt.

  • $0 balance transfer fees, ever
  • 2.99% fixed introductory APR for 12 months
  • 1.5% cash back on all purchases

How Much of a Difference Can Having No Balance Transfer Fee Make?

Avoiding the 3% - 5% transfer fee can sometimes save you hundreds of dollars, depending on how much debt you’re initially carrying. This can ultimately also lead you to paying off your credit cards significantly faster. To illustrate this point, we ran through the numbers on a concrete example. We compared two sample balance transfer credit cards. Both offer 0% introductory APR for 12 months. One charges a 5% transfer fee while the other does not. The sample debt we used in the example was $16,000, which is the U.S. average, and monthly payments of $1,000.

A graph showing the power that skipping the balance transfer fee can have on credit card debt.

In the above example, the individual used the money that would otherwise go towards paying a 5% fee and applied it towards paying down the principal balance.

List of Credit Cards with no Balance Transfer Fees

In case the list of no balance transfer fee credit cards above doesn't suit your needs, here are a few more options worth considering. We summarize a few key facts about each card, and you should take extra time to examine the cards that spark your interest. Keep in mind that they may come with other fees or features that you may not find desirable. That's why you should take the time to examine each offer before applying.

No Balance Transfer Credit Card
Note
Edward Jones World Mastercard®12.99% variable APR
Choice Rewards World Mastercard® from First Tech FCUHas a rewards program
La Capital Federal Credit Union Cash Back Visa SignatureUnion Membership can cost up to $20
Navy Federal Credit Union GO REWARDS® Credit CardGood rewards on restaurant and gas spending
Navy Federal Visa Signature Flagship RewardsEarn 3X points on travel. 2X points on everything else.
Navy Federal nRewards® Secured Credit CardGood for those with bad credit but requires security deposit

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The information related to the Chase Slate®, Barclaycard Ring® Mastercard® and the Navy Federal cashRewards Credit Card has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.

Joe Resendiz

Joe Resendiz is a former investment banking analyst for Goldman Sachs, where he covered public sector and infrastructure financing. During his time on Wall Street, Joe worked closely with the debt capital markets team, which allowed him to gain unique insights into the credit market. Joe is currently a research analyst who covers credit cards and the payments industry. He earned a bachelor’s degree from the University of Texas at Austin, where he majored in finance.

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How We Calculate Rewards: ValuePenguin calculates the value of rewards by estimating the dollar value of any points, miles or bonuses earned using the card less any associated annual fees. These estimates here are ValuePenguin's alone, not those of the card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer.

Example of how we calculate the rewards rates: When redeemed for travel through Ultimate Rewards, Chase Sapphire Preferred points are worth $0.0125 each. The card awards 2 points on travel and dining and 1 point on everything else. Therefore, we say the card has a 2.5% rewards rate on dining and travel (2 x $0.0125) and a 1.25% rewards rate on everything else (1 x $0.0125).