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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 16.91% and if you open a store card, it jumps to an average of 24.97%, according to a recent study by CompareCards.
If you’re stuck in a seemingly endless cycle with credit card payments and unable to pay your balance in full every month, it can be frustrating to see your hard-earned money go towards interest payments.
Balance transfer credit cards offer a way for most, if not all, of your payment to go toward the principal. With introductory 0% APRs for six months to over a year (or longer!), these credit cards allow every penny of your monthly payments to go towards the balance during the promotional period. And, the best part is that some cards don’t even charge a balance transfer fee.
When it comes to balance transfer credit cards, the three most important things to consider are the interest rates, fees and the length of the promotional period. In order to save the most money with a balance transfer card, you’ll need an intro 0% APR period. Then, you should look at cards that don’t charge a balance transfer fee (typically 3% on the amount transferred) to maximize savings. Lastly, you need to figure out if you’ll be able to pay off what you owe within the 0% promotion time period.
We’ll review some of the best no balance transfer fee credit cards, so you can choose the right card and begin tackling your debt.
Compare the best no balance transfer fee cards
|The Amex EveryDay® Credit Card from American Express||Chase Slate®||Edward Jones World MasterCard®||Platinum Card from Navy Federal Credit Union||Choice Rewards World MasterCard® from First Tech FCU|
|Regular purchase APR||15.24% - 26.24% Variable||16.49% - 25.24% Variable||15.24% variable||8.24%-18.00% Variable||11.99% to 18.00% Variable|
|Balance transfer intro period||0% for 15 months||0% Intro APR on Balance Transfers for 15 months||0% intro APR on balance transfers for first 12 billing cycles||0% introductory APR for 12 months through Jan. 2, 2020||0% for 12 billing cycles|
|Balance transfer window*||60 days from account opening||60 days from account opening||60 days from account opening||30 days from account opening||90 days from account opening|
*This is the amount of time you have to transfer your balance and benefit from the promotional 0% APR period after opening the account.
Intro 0% APR for 15 months, no balance transfer fee
The Amex EveryDay® Credit Card from American Express
The Amex EveryDay® Credit Card from American Express is our top pick for a no balance transfer fee card since it provides numerous benefits for cardholders. For starters, there’s an intro 0% for 15 months on balance transfers and purchases (after, 15.24% - 26.24% Variable APR). This allows you to transfer debt from a non-Amex card and even pay for a large purchase over time. As an added perk, new purchases earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.
The information related to The Amex EveryDay® Credit Card from American Express has been collected by CompareCards and has 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.
The Chase Slate® is a basic card that offers the same intro periods as The Amex EveryDay® Credit Card from American Express — 0% Intro APR on Balance Transfers for 15 months and 0% Intro APR on Purchases for 15 months. The lack of a rewards program can be a good thing, since you should focus on paying off debt rather than earning rewards.
The information related to Chase Slate® has been collected by CompareCards and has not been reviewed or provided by the issuers of these cards prior to publication.
Intro 0% APR for 12 months, no balance transfer fee
Edward Jones World MasterCard®
The Edward Jones World MasterCard® offers one year for you to pay off transferred balances with a 0% intro APR on balance transfers for first 12 billing cycles (after, 15.24% variable APR). This card also comes with a rewards program where you earn 1 loyalty point per dollar spent on everyday purchases and new cardholders can earn $100 after you spend $500 in eligible net purchases on your card within 90 days of opening your account. Just know that you’ll need to visit an Edward Jones branch to open this card, but they do have over 13,000 locations of branches in the U.S. and Canada.
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 through Jan. 2, 2020. After the intro period ends, there’s a 8.24%-18.00% Variable APR. Since this is a credit union card, membership is required, but you can 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 on Navy Federal.
Choice Rewards World MasterCard® from First Tech FCU
The Choice Rewards World MasterCard® from First Tech FCU offers a decent 0% for 12 billing cycles on balance transfers. Once the intro period ends, there’s a competitive 11.99% to 18.00% Variable APR. In addition to a balance transfer intro period, cardholders earn 2 rewards points for every $1 spent on groceries, gas, electronics, medical, household goods and telecommunications; 1 reward point for every $1 spent on all other purchases. Keep in mind, since First Tech 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.
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. With no balance transfer fee cards from major banks and credit unions offering up to 15 months of no interest, you can save substantially by completing a balance transfer. If you’re struggling with debt, you can consider one of the cards mentioned above, so you can finally begin living a debt-free life.