The Best Credit Cards with No Balance Transfer Fees

By Christina Majaski. Last updated 24 April 2020. 0 comments

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Making a balance transfer to another credit card can be an effective way to pay down credit card debt. If you're currently paying a lot of interest each month on a current balance, it can feel like an uphill battle as you make a payment each month. A balance transfer option can allow you to pay down your credit card debt faster, by offering either a lower APR (less interest) or even a 0% introductory APRs period where you don't have to pay any interest during a specified time period.

However, transferring a balance to another credit card often comes with a balance transfer fee. This fee is usually the greater of $5 or 3% of the transfer, but can be as high as 5%. For example, if you transfer a $10,000 balance, the transfer fee alone could cost $300-$500.

Thankfully, there are a few credit cards that offer balance transfers with no fees. Some of these also offer a 0% APR period, but even if they don't, a lower APR credit card can still significantly reduce the amount of money you pay in interest each month, helping you pay off your debt faster. These are the best credit cards with no balance transfer fee.

Navy Federal cashRewards Credit Card

This Navy Federal cashRewards Credit Card features has no balance transfer fee, no annual fee, and no foreign transaction fees. It also offers 1.5% for every dollar spent. Membership is open to current and former service members, DOD civilians, and their families.

PenFed Promise Visa Card

The PenFed Promise Visa Card also has no balance transfer fee, annual fee, or foreign transaction fee. New cardholders can earn a bonus of $100 statement credit after spending $1,500 with the card in the first 90 days. PenFed membership is open to service members and their families, affiliate organizations, and members of Voices for America's Troops or the National Military Family Association, which anyone can join for a one-time fee.

Info about the Navy Federal cashRewards Credit Card and the PenFed Promise Visa Card has been collected independently by Wise Bread. The issuer did not provide the details, nor is it responsible for their accuracy.

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