Balance transfer cards allow you to transfer high-interest credit card balances to a new card with a temporary 0% introductory APR on balance transfers . This can save you hundreds or even thousands in interest charges. However, many balance transfer cards charge a balance transfer fee, usually 3-5% of the transferred amount. By choosing a card with no balance transfer fee, you can maximize your interest savings.
This article will discuss the 5 best balance transfer cards with no balance transfer fee available in 2024. We’ll cover the pros and cons of each card and help you determine which one is the best fit for your needs.
Table of Contents
5 Best No Balance Transfer Fee Balance Transfer Cards
1. Wells Fargo Reflect Card
The Wells Fargo Reflect Card offers an excellent 18 month 0% intro APR on balance transfers (then a 16.74%-28.74% variable APR). New cardholders even get a $200 cash rewards bonus after spending $1,000 in the first 3 months.
Pros:
- No balance transfer fee
- 18 month 0% APR intro period
- $200 cashback bonus
- No annual fee
Cons :
- Balance transfers must be completed in 120 days
- Foreign transaction fee
With nearly a year and a half at 0% APR, the Wells Fargo Reflect Card gives you ample time to pay off transferred debt without accruing interest. Just be sure to make your transfers within the first 120 days. This card is best for those needing an extended intro period to pay down large balances.
2. Citi Diamond Preferred Card
Citi offers 21 months at 0% APR on balance transfers (then a 16.74%-28.74% variable APR) with the Citi Diamond Preferred Card (formerly Citi Simplicity) . This is one of the longest intro periods available.
Pros:
- No balance transfer fee
- 21 month 0% intro APR
- No late fees or penalty rate
- No annual fee
Cons:
- 3% foreign transaction fee
- Balance transfers must be completed in 4 months
With nearly 2 years interest-free, this card allows you ample time to aggressively pay down debt. The Citi Diamond Preferred Card stands out with its long intro period and lack of penalty fees. It’s a great option if you need extra time to pay off balances.
3. U.S Bank Visa Platinum Card
The U.S Bank Visa Platinum Card [2] offers a 0% intro APR for 20 billing cycles on balance transfers (then 16.74%-28.74% variable APR). It has no annual fee or balance transfer fee.
Pros:
- No balance transfer fee
- 20 billing cycles at 0% APR
- No annual fee
- No foreign transaction fee
Cons:
- Shorter intro period than other cards
- Balances must be transferred within 60 days
While the intro period is shorter than other cards, 20 billing cycles gives you well over a year interest-free. The lack of fees across the board also makes this card very affordable. With no deadline to worry about, it’s a straightforward option.
4. BankAmericard Credit Card
Bank of America’s BankAmericard Credit Card offers an 18 billing cycle 0% intro APR on balance transfers (then 16.74%-28.74% variable APR). It has no annual fee or balance transfer fee.
Pros :
- No balance transfer fee
- 18 billing cycles at 0% APR
- No annual fee
- $200 online cash rewards bonus
Cons:
- High foreign transaction fee (3%)
- Balances must be transferred within 60 days
18 billing cycles gives you well over a year to pay off transferred debt without incurring interest. Combine that with no annual fee or balance transfer fee and this is a very affordable card. The $200 online bonus is just the cherry on top.
5. Chase Slate Edge Card
The Chase Slate Edge Card offers new cardholders 15 months at 0% APR on balance transfers (then 16.74%-28.74% variable APR). It also has no annual fee or balance transfer fee.
Pros :
- No balance transfer fee
- 15 months at 0% APR intro
- No annual fee
- $100 bonus after spending $500 in first 3 months
Cons :
- Foreign transaction fee (3%)
- Balances must be transferred in 60 days
While the intro period is shorter than some competitors, 15 months is still over a year interest-free. When combined with no fees and a $100 bonus, this card from Chase is a strong contender for balance transfers.
How Do 0% APR Balance Transfer Offers Work?
When you open a new credit card with an introductory 0% APR offer, you can transfer balances from other higher-interest cards. As long as you pay off the transferred balances before the intro period ends, you won’t pay a penny of interest.
You’ll save substantially on interest compared to just making minimum payments on those high-rate cards. Just be sure to pay off the full transferred amounts before the 0% rate ends. Otherwise, any remaining balance will start accruing interest at the regular purchase rate.
Who Should Use a 0% Balance Transfer Card?
If you have existing credit card balances charging 15%, 20% or even 25%+ interest, a 0% balance transfer can drastically reduce interest costs. It allows you to aggressively pay down principal without accumulating more interest each month.
Balance transfers work best for those with good credit (scores around 690+) who can pay off debts in full during the 0% intro period. Be realistic about your payoff timeline before applying.
Tips for Getting the Most from Balance Transfers
Here are some tips to maximize savings from balance transfer cards:
Pay off balances in full before the intro period ends. This is crucial to realize the full savings. Make an aggressive payoff plan.
Make payments on time. Late or missed payments can trigger the end of the intro period and interest accrual. Set payment reminders.
Leave original accounts open. Closing transferred accounts can impact your credit utilization ratio and score. Let them remain open.
Compare several card offers. Shop around for the longest 0% term and no fees. Check pre-qualification to avoid hard inquiries on denial.
The Bottom Line
A balance transfer credit card with an intro 0% APR and no balance transfer fee can save you hundreds or even thousands compared to just making minimum payments on high-interest debt. Just be sure to have a payoff plan to eliminate the balances before rates rise.
The best overall card is the Citi Diamond Preferred thanks to its market-leading 21 month intro period and lack of fees. But all of the cards discussed offer strong benefits to those needing to transfer and consolidate card balances. Pick the one that best aligns with your payoff timeline.
Upping your monthly payments and consolidating credit card debt with one of these offers will put you firmly on the path to becoming debt-free. Start transferring and saving in 2024!
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