Best Credit Cards With No Balance Transfer Fees for May 2022

Best Credit Cards With No Balance Transfer Fees for May 2022

Shifting your bank card debt from an account with a excessive rate of interest to a brand new card with an extended 0% APR interval can prevent massive cash each month-to-month billing cycle. But in case you’re planning to switch a considerable amount of debt, be sure you take into account stability switch charges first.

Some bank cards cost charges — normally between 3% and 5% of your transferred quantity — to make stability transfers. Those charges can quickly improve your stability and negate a number of the advantages of a decrease rate of interest.

Luckily for you, different bank cards waive stability switch charges fully, although they may compensate for that free switch with a shorter intro APR interval. 

If you wish to transfer your bank card stability to a brand new account and skip the stability switch price, overview our high companion provides to discover a card that works finest for you. We will periodically replace this listing as bank card provides and phrases change.

Read extra: Best Secured Credit Cards

Longest intro APR with a $0 introductory switch price

Intro OfferN/A

APR8.49% to 19.99% (Variable)

Recommended Credit Excellent/Good Credit

Reward RatesN/A

Annual Fee$0

Intro Purchase APR0% Introductory APR for the primary 15 months that your account is open.

Intro Balance Transfer APR0% Introductory APR for the primary 15 months that your account is open.

Balance Transfer Fee Either $10 or 3% of the quantity of every stability switch, whichever is larger.

Balance Transfer APR8.49% to 19.99% (Variable)

Late Payment Fee Up to $37

Foreign Transaction Fees 3% of every transaction in U.S. {dollars}.

Penalty APR None

Our Take

The Union Bank® Platinum™ Visa® Credit Card provides 15 months of 0% introductory APR on each purchases and stability transfers, with $0 in stability switch charges in case you full your first stability switch inside the first 60 days of account opening (after that, 3% of every switch with a minimal of $10). After the promotional APR interval ends, you may be topic to a variable APR of 8.49% to 19.99% — the decrease finish of this vary may be very aggressive in comparison with most stability switch bank cards. There can be no annual price, making this a secure card to switch your stability to with none additional prices in case you’re diligent.

A mid-range intro APR supply

Intro OfferN/A

APR8.15% – 18.00% variable APR

Recommended Credit N/A

Reward RatesN/A

Annual Fee$0

Intro Purchase APR0% intro APR for 12 months from account opening on purchases

Intro Balance Transfer APR0% intro APR for 12 months from account opening on BTs

Balance Transfer Fee None

Balance Transfer APR8.15% – 18.00% variable APR

Foreign Transaction Fees None

Our Take

Wings Financial Credit Union is predicated in Minnesota, however you may be part of by making a $5 donation to the Wings Financial Foundation. After that, you may apply for the Wings Visa Platinum Credit Card*, which expenses no annual or stability switch charges and provides 12 months of 0% introductory APR on stability transfers and purchases (8.15% to 18.00% variable APR thereafter).

Intro OfferN/A

APR6.99% to 18.00% (Variable) while you open your account, primarily based in your credit score worthiness

Recommended Credit N/A

Reward RatesN/A

Annual FeeNone

Intro Purchase APRN/A

Intro Balance Transfer APRIntroductory 0.00% APR stability switch for 12 billing cycles

Balance Transfer Fee None

Balance Transfer APR6.99% to 18.00% (Variable) while you open your account, primarily based in your credit score worthiness

Foreign Transaction Fees None

Our Take

First Tech Federal Credit Union is predicated out of San Jose, California, and catered initially to staff of tech corporations within the Pacific Northwest. Today, you may develop into a member in case you work for one among their companion corporations or develop into 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* bank card additionally provides 12 billing cycles of 0% introductory APR on stability transfers (6.99% to 18.00% variable APR thereafter) with no bank card stability switch charges. 

Low intro APR with no stability switch price

Intro Offer$100 in assertion credit score after you spend $500 on qualifying purchases, within the first 3 months after account opening

APR11.24%–21.24% (Variable)

Recommended Credit Excellent Credit

Reward Rates

  • 1% limitless money again on all qualifying purchases

Annual Fee$0

Intro Purchase APRN/A

Intro Balance Transfer APR3.25% variable intro APR for first 36 months on all stability transfers inside 60 days of account opening.

Balance Transfer APR11.24%–21.24% (Variable)

  • 1% limitless money again on all qualifying purchases

Our Take

The SunTrust Prime Rewards Credit Card* does not cost a stability switch price per se ($0 for stability transfers within the first 60 days, then 3% or $10 minimal). Rather, it comes with three years of a comparatively low APR — 3.25% variable — which serves as a flat switch price paid over a yr. It’s value noting that the efficient fee will really be decrease than 3.25% variable, in case you will pay down your stability.

Bottom line: If you want extra time to repay your debt, the SunTrust Mastercard Prime Rewards provides a balanced mixture of a low rate of interest and an extended payback interval.

FAQs

How do stability switch bank cards work?

When used accurately, stability switch bank cards operate as a debt-financing software. They might help you pay down present high-interest bank card debt quicker and for much less.

When you switch a stability, you progress debt from one bank card to a different. The finest stability switch playing cards supply low or no curiosity for a set introductory interval, permitting you to pay down your debt with out worrying about excessive accruing curiosity. This introductory APR interval typically lasts between 12 months and 21 months, supplying you with a major time period to repay your stability earlier than the rate of interest will increase. 

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While a number of bank cards supply no-fee transfers, most stability switch playing cards cost you between 3% and 5% of the stability transferred. Typically, the longer the introductory 0% APR interval, the upper the price, and vice versa. So playing cards and not using a stability switch price have shorter introductory APR intervals, and people with switch charges have longer introductory APR intervals.

Where can I discover bank cards with no stability switch price?

We suppose the Wings Visa Platinum and First Tech Platinum playing cards are two of one of the best bank cards with no stability switch price. While each supply introductory APR provides, you’ll have to pay between $5 to $15 to develop into a member. This price is comparatively small in comparison with typical stability switch charges, although. To examine, for instance you are transferring $5,000 in bank card debt — a card with a 3% price would cost you $150 to take action, whereas the Wings Visa Platinum and First Tech Platinum playing cards would solely require a membership price beneath $20.

That mentioned, in case you’re already a member of a credit score union, it could be value asking if it provides a stability switch card with a 0% introductory APR interval and no stability switch price.

What are the advantages of a bank card with no stability switch price?

A bank card with no stability switch price enables you to switch a stability from one account to a different with out paying an upfront switch price, typically between 3% and 5%. The trade-off is a shorter introductory APR interval for stability transfers.

A bank card with no stability switch price and a 0% APR provides a technique to repay high-interest bank card debt with out paying a dime in curiosity or charges, however provided that you may pay it off inside one yr. If you want extra time, it is perhaps higher to think about a card with a stability switch price that has an extended no-interest or low intro APR interval. 

How do I resolve if a bank card with no stability switch price is correct for me?

The first step is to grasp how massive of a month-to-month cost you may afford every month. Then, calculate how a lot you may pay in curiosity and charges with two or three totally different stability switch bank cards. 

Generally talking, in case you can repay your debt in round 12 to fifteen months, the three% you save with a bank card with no stability switch price will probably be value it. If it should take you 17 to 18 months or longer, a card just like the U.S. Bank Visa® Platinum Card could prevent more cash in curiosity funds, regardless of the three% switch price ($5 minimal). If you want greater than two years to pay down your stability, the SunTrust Mastercard Prime Rewards could also be your only option. Don’t low cost private loans both — in case you owe a major quantity and wish a number of years to repay your debt, you could possibly lock in a private mortgage for a decrease rate of interest than the SunTrust Mastercard Prime’s introductory 3.25% variable APR on stability transfers (11.24% to 21.24% variable APR thereafter).

Our methodology

CNET evaluations bank cards by exhaustively evaluating them throughout set standards developed for every main class, together with cash-back, welcome bonus, journey rewards and stability switch. We think about the everyday spending conduct of a spread of client profiles — with the understanding that everybody’s monetary state of affairs is totally different — and the designated operate of a card. 

For cash-back bank cards, for instance, key components embody the annual price, the “welcome bonus” and the cash-back fee (or charges, in the event that they differ by spending class). For rewards and miles playing cards, we calculate and weigh the online financial worth of a card’s respective perks. And with stability switch bank cards, we analyze specs such because the period of the introductory 0% APR interval and the stability switch price, whereas acknowledging secondary components similar to the usual APR and the size of time it’s a must to make a stability switch after you open the account.

More bank card suggestions

*All details about the Wings Visa Platinum Credit Card, First Tech Platinum Mastercard, and the SunTrust Prime Rewards Credit Card has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content material on this web page is predicated solely on goal, unbiased assessments by our writers and isn’t influenced by promoting or partnerships. It has not been supplied or commissioned by any third social gathering. However, we could obtain compensation while you click on on hyperlinks to services or products provided by our companions.



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