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Let's face it; credit card interest rates can be outrageously high! Too many consumers are stuck in a seemingly endless cycle with credit card payments that just won't go away. There is nothing more frustrating than paying your credit card bills each month but only watching your balance drop by a portion of what you paid.
Luckily, balance transfer credit cards offer a way out of this vicious cycle. By offering 0% introductory APR for a number of months, these helpful credit cards allow every penny of your monthly payments to go towards the principle of your balance during the introductory period.
But as you would expect, there is often a catch. Most balance transfer credit cards charge a balance transfer fee which is typically 3% to 5% of the amount that you transfer. For example, if you make a balance transfer of $5,000, you would end up with a balance of $5,150 on your new card after the 3% balance transfer fee.
Paying the balance transfer fee is usually a smart move when you consider the money you save in the long run, but wouldn't it be nice if you don't have to pay any fee at all?
Balance Transfer Battle: Chase Slate® vs. Barclaycard Ring™ Mastercard®
When it comes to balance transfer credit cards, the two most important things to consider are the interest rates and the fees. In order save money with a balance transfer, you'll need 0% intro APR – the longer the better! But if you're card charges a high annual fee or balance transfer fee, that can eat into your savings.
There are only two credit cards that offer the winning combination of no annual fee, no intro balance transfer fee, and a lengthy 0% intro APR. Let's check them out.
Chase Slate®: This credit card has long been the gold-standard for fee-free balance transfers. There is no annual fee on the Chase Slate and it also offers an intro APR of 0% for 15 months and no fee for balance transfers made within the first 60 days of account opening. After the first 60 days the balance transfer fee becomes either $5 or 5%, whichever is greater. The ongoing APR after the 15 month intro period is 15.49% - 24.24% Variable.
Barclaycard Ring™ Mastercard®: Just like the Chase Slate, the Barclaycard Ring Mastercard offers 0% intro APR for 15 months on purchases and balance transfers made within the first 45 days of account opening. There is also no annual fee, no balance transfer fee, and no foreign transaction fees. The ongoing APR for this card is a competitive 13.49% Variable.
Our Analysis: Which is the Best No Balance Transfer Fee Credit Card?
The Chase Slate and the Barclaycard Ring Mastercard look very similar at first glance. While they do have a lot in common, we've concluded the Barlaycard Ring™ Mastercard® is the better balance transfer card because it has more favoriable ongonig rates and fees.
If you are only looking for a credit card to do a one-time, fee free balance transfer with 0% intro APR for 15 months, then these two cards are virtually exactly the same. But unlike the Chase Slate, the Barclaycard Ring Mastercard offers no balance transfer fee as well as no foreign transaction fees for as long as you hold the card. Furthermore, the ongoing APR of 13.49% Variable is much more favorible than the 15.49% - 24.24% Variable rate you receive with the Chase Slate.
More Credit Cards with No Balance Transfer Fee
Capital One® VentureOne® Rewards Credit Card: This card has no balance transfer fee and no annual fee, but the fact that it only has 0% intro APR for 12 months on purchases means that it's not a great balance transfer credit card. What makes the Capital One VentureOne shine is it's travel rewards program; cardholders earn an unlimited 1.25 Miles on every dollar spent and you can receive 20,000 bonus miles after spending $1,000 in the first 3 months. The ongoing APR for balance transfers and purchases is 12.49%-22.49% variable depending on your creditworthiness.
Capital One® QuicksilverOne® Cash Rewards Credit Card: This card would be a good option for consumers who only have average/fair credit. It offers a generous 1.5% cash back on every purchase, everyday. The two downsides of this card are that there is an annual fee of $39, and there is no intro APR. Nonetheless, it's still a good offer for consumers who can't get approved for cards like the Chase Slate because their credit is too low.
Other Capital One credit cards that come with no balance transfer fee include:
- Capital One® Venture® Rewards Credit Card
- Journey® Student Rewards from Capital One®
- Capital One® Platinum Credit Card
- Sony Card from Capital One
- Playstation Card from Capital One
*Editorial Note: This content is not provided or commissioned by the credit card issuer. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed bythe credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.
*The content in this article is accurate at the publishing date, and may be subject to changes per the card issuer.