Best Balance Transfer Credit Cards with No Transfer Fee in November 2024

The following balance transfer credit cards are worth considering, despite charging balance transfer fees.

• In general, these cards are easier to qualify for because they’re issued by national banks rather than credit unions.
• They provide longer 0% interest introductory periods, which could save you more if you carry a balance over a longer period (though not always).
• Many of them offer rewards, making them valuable long after you’ve paid off your balance.

• What is a balance transfer fee?

  A balance transfer fee is exactly what it sounds like — a fee you pay every time you transfer a balance to a new card. Balance transfer fees are typically 3% or 5% of the amount of each transfer (with a minimum fee of either $5 or $10).

  According to a LendingTree balance transfer credit card report, over half (52%) of 0% balance transfer offers charge a balance transfer fee of 4% or 5%, as of January 2024. This is a higher percentage than in January 2023 (47%) and January 2022 (43%). Still, 3% remains the most common fee, charged by 56% of cards — lower than last year’s 59%. (Note, though, that some cards will have multiple fee rates, like introductory or post-introductory rates.)

• How do balance transfer fees work?

  When you transfer an existing balance to a card that charges a balance transfer fee, the fee will be added to your balance at the time of the transfer. So instead of paying the balance transfer fee upfront, you can pay it off over time as you pay down your transferred balance.

  The balance transfer fee may reduce the amount you’re allowed to transfer.
  

  For example, let’s say you’re approved to transfer a maximum of $10,000, and your balance transfer fee is $500. The $500 balance transfer fee could lower the amount you’re actually allowed to transfer to $9,500 ($10,000 – $500 = $9,500).

• How to calculate a balance transfer fee

  Calculating how much a balance transfer fee will cost you is pretty straightforward. Simply multiply the amount you plan to transfer by the balance transfer fee.

  For example, if you want to transfer a $10,000 balance to a card that charges a 5% balance transfer fee, the fee will equal $500 ($10,000 x 5% = $500).

• How much can you save with no balance transfer fee?

  Balance transfer fees generally range from 3% to 5%, which means you could save between $180 and $300 on a $6,000 balance with a no balance transfer fee credit card. A card with no balance transfer fee can often save you more than transferring to a card with a longer intro period. This is especially true because ongoing interest rates on these cards also tend to be lower.

  In the scenario below, the no-balance transfer fee card has a lower overall cost for transferring and paying down a balance compared to the card with a longer 0% APR:

  	Card A (no balance transfer fee)	Card B (balance transfer fee)
  Intro APR	0% for 12 months	0% for 21 months
  Regular APR	15%	22%
  BT fee	0%	3%
  Cost to transfer $6,000 balance	$0	$180
  Interest paid ($300 monthly payment)	$150*	$0*
  Overall cost	$150	$180

  *Assumes a $6,000 balance and $300 monthly payment.
  Learn more about balance transfer credit cards.

Qualifying for a credit card with no balance transfer fee usually requires credit union membership and good to excellent credit. There are balance transfer credit cards available if you have bad or fair credit, but it may be difficult finding one with a 0% intro APR on balance transfers.

Becoming a member can be tricky if you don’t live near a particular credit union or work for a qualifying organization, like the military or an affiliated company. That said, here are some workarounds you can try:

• Apply with a family member who lives near the credit union. Many credit unions restrict eligibility based on location, but some allow you to join through family members who live in an eligible city, county or state.
• Qualify through professional, religious or cultural affiliations. Many credit unions cater to specific groups, like teachers, tradespeople and members of specific faith or cultural groups. Do a quick online search for credit unions that offer membership to groups you identify with.
• Fulfill other membership requirements. Some credit unions offer membership to people who open accounts with them or donate to partner organizations. For instance, you can join Bethpage Federal Credit Union by opening a savings account with a $5 minimum deposit.

When deciding between a balance transfer credit card that charges a fee and one that doesn’t, consider the following:

1. Can you qualify for a membership with the card’s credit union? Most credit cards with no balance transfer fee require a credit union membership with eligibility requirements.
2. Does the card offer an intro APR that’s long enough for you to pay off your debt? Most cards with no balance transfer fee only offer an intro APR for around 12 months, and not all of them have a 0% intro APR. If you need a longer period to pay off your debt, a card with a balance transfer fee and long intro APR period can save you more in some cases.For example, the Citi Simplicity^® Card has a 0% intro APR for 21 months on Balance Transfers followed by a 18.49% - 29.24% (Variable) APR.
3. Are you looking for credit card rewards and benefits? Credit cards with no balance transfer fee typically don’t come with rewards programs or additional card benefits.

Our top picks on this page come with relatively short intro periods, so you may be wondering: Could a card with a balance transfer fee and a longer 0% intro APR save more money? Our research shows that a no balance transfer fee card may be the better deal in most cases, even if you anticipate paying your balance transfer off over a long period of time.

As you can see below, the card with no balance transfer fee saves more on interest than most of the other options, assuming that it has an ongoing APR of 24% (which is higher than most cards on this page). The only option that beats it in this scenario is the card with a 0% interest for 18 months and a 3% balance transfer fee.

• Personal loan

  A personal loan is a good alternative if you need a longer period of time to pay off high amounts of debt. You’ll get a fixed monthly payment for a set repayment period (typically 12 to 60 months). Personal loans are also more accessible if you have a lower credit score, though you could end up with a higher rate and/or unfavorable terms.

  Learn more about balance transfers vs. personal loans.

• Work with a debt counselor

  If you’re struggling to get out of debt, working with a debt counselor may be a good alternative to a balance transfer. A debt counselor can put you on a debt management plan, an agreement your credit counselor makes with your creditors to help you get out of debt. Debt counselors can advocate to get you lower rates, lowered or waived fees or decreased monthly payments.

  Learn more: How to Pay off $5,000 in Credit Card Debt