Best no-balance-transfer-fee credit cards – CNET [CNET]

Best overall

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Wings Financial Credit Union

Introductory APR: 12 months of 0% introductory APR on purchases and balance transfers

Standard APR: 8.15% – 18.00% variable APR, based on your creditworthiness

Balance-transfer fee: None

How long you have to make transfers: N/A

Annual fee: $0

Eligibility requirement: Make a donation of at least $5 to the Wings Financial Foundation

Wings Financial Credit Union is based in Minnesota, but you can join by making a $5 donation to the Wings Financial Foundation. After that, you can apply for the Wings Visa Platinum Credit Card*, which charges no annual or balance-transfer fees and offers 12 months of 0% introductory APR on balance transfers and purchases (8.15% to 18.00% variable APR thereafter).

Best overall runner-up

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First Tech Federal Credit Union

Introductory APR: 12 billing cycles of 0% introductory APR on balance transfers

Standard APR: 6.99% – 18.00% variable APR, based on your creditworthiness

Balance-transfer fee: None

How long you have to make transfers: 90 days from account opening

Annual fee: $0

Eligibility requirement: Join the Computer History Museum ($15) or the Financial Fitness Association ($8)

First Tech Federal Credit Union is based out of San Jose, California, and catered initially to employees of tech companies in the Pacific Northwest. Today, you can become a member if you work for one of their partner companies or become a member of the Computer History Museum ($15 for an annual membership) or the Financial Fitness Association ($8 for an annual membership).

The First Tech Platinum Mastercard* credit card also offers 12 billing cycles of 0% introductory APR on balance transfers (6.99% to 18.00% variable APR thereafter) with no balance-transfer fees. 

Best low fee alternative

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US Bank

Introductory APR: 20 billing cycles of 0% introductory APR for balance transfers and purchases

Standard APR: 14.49% – 24.49% variable APR, based on your creditworthiness

Balance-transfer fee: $5 or 3%, whichever is greater

How long you have to make transfers: 60 days from account opening

Annual fee: $0

Eligibility requirement: N/A

The US Bank Visa Platinum Card* is one of our favorite balance-transfer credit cards, offering 20 billing cycles of 0% introductory APR (14.49% to 24.49% variable APR thereafter) after signing up. If you have a high balance, that long interest-free introductory period can offer major savings. The catch: US Bank charges you a 3% balance-transfer fee ($5 minimum), which can add up if you’re transferring a large balance. 

Another option worth considering

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Introductory APR: 3 years of introductory 3.25% variable APR on balance transfers

Standard APR: 11.24% – 21.24% variable APR, based on your creditworthiness

Balance-transfer fee: $0 for balance transfers made during the first 60 days account is open (then $10 or 3% of the amount of each transfer, whichever is greater)

How long you have to make transfers: 60 days from account opening

Annual fee: $0

Eligibility requirement: N/A

The SunTrust Prime Rewards Credit Card* doesn’t charge a balance-transfer fee per se ($0 for balance transfers in the first 60 days, then 3% or $10 minimum). Rather, it comes with three years of a relatively low APR — 3.25% variable — which serves as a flat transfer fee paid over a year. It’s worth noting that the effective rate will actually be lower than 3.25% variable, if you can pay down your balance.

Bottom line: If you need more time to pay off your debt, the SunTrust Mastercard Prime Rewards offers a balanced combination of a low interest rate and a long payback period.

How do balance-transfer credit cards work?

When used correctly, balance-transfer credit cards function as a debt-financing tool. They can help you pay down existing high-interest credit card debt faster and for less.

When you transfer a balance, you move debt from one credit card to another. The best balance-transfer cards offer low or no interest for a set introductory period, allowing you to pay down your debt without worrying about high accruing interest. This introductory APR period generally lasts between 12 months and 21 months, giving you a significant period of time to pay off your balance before the interest rates increases. 

While a few credit cards offer no-fee transfers, most balance-transfer cards charge you between 3% and 5% of the balance transferred. Typically, the longer the introductory 0% APR period, the higher the fee, and vice versa. So cards without a balance-transfer fee have shorter introductory APR periods, and those with transfer fees have longer introductory APR periods

Where can I find no-balance-transfer-fee cards?

We think the Wings Visa Platinum and First Tech Platinum cards are two of the best no-balance-transfer-fee cards around. While both offer introductory APR offers, you will have to pay between $5 – $15 to become a member. This fee is relatively small compared to typical balance-transfer rates, though. To compare, let’s say you’re transferring $5,000 in credit card debt — a card with a 3% fee would charge you $150 to do so, while the Wings Visa Platinum and First Tech Platinum cards would only require a membership fee under $20.

That said, if you’re already a member of a credit union, it may be worth asking if it offers a balance-transfer card with a 0% introductory APR period and no balance-transfer fee.

What are the benefits of a no-fee balance-transfer credit card?

A no-fee balance-transfer credit card lets you transfer a balance from one account to another without paying an upfront transfer fee, generally between 3% and 5%. The trade-off is a shorter introductory APR period for balance transfers.

A no-fee balance-transfer credit card with 0% APR offers a way to pay off high-interest credit card debt without paying a dime in interest or fees, but only if you can pay it off within one year. If you need more time, it might be better to consider a fee-based balance-transfer credit card with a longer low- or no interest introductory APR period. 

How do I decide whether a no-fee or fee-based balance-transfer credit card is right for me?

The first step is to understand how large of a payment you can afford each month. Then, calculate how much you’ll pay in interest and fees with two or three different balance transfer-credit cards. 

Generally speaking, if you can pay off your debt in around 12 to 15 months, the 3% you save with a no-fee balance-transfer credit card will be worth it. If it’s going to take you 17 to 18 months or longer, a card like the US Bank Visa Platinum may save you more money in interest payments, despite the 3% transfer fee ($5 minimum). If you need more than two years to pay down your balance, the SunTrust Mastercard Prime Rewards may be your best option. Don’t discount personal loans either — if you owe a significant amount and need a few years to repay your debt, you may be able to lock in a personal loan for a lower interest rate than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on balance transfers (11.24% to 21.24% variable APR thereafter).