Best Credit Cards With No Balance Transfer Fees

Yes, balance transfers do hurt your credit when you open a new credit card account to do the transfer. Applying for a balance transfer credit card will generate a hard inquiry on your credit report, causing a slight dip in your credit score.

If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you to rack up more debt than you can afford to repay. Both of those things can hurt your credit score.

You can use WalletHub's free credit score simulator tool to get a sense of how a balance transfer might affect your credit score.

How Balance Transfers Can Hurt Your Credit Score

1. Credit Inquiries

   If you apply for a new balance transfer card, the resulting hard inquiry will likely cause a slight dip in your credit score for up to 12 months.

2. Lower Account Age

   Adding a new balance transfer card will reduce the overall age of your accounts, which can have a slight negative impact on your score.

3. Increased Utilization

   Keep an eye on how the transfer affects your account's credit utilization. Making a transfer will usually add 3%-5% to your debt due to balance transfer fees. If your utilization is over 30% of your credit limit, that's not good for your score.

4. Missed Payments

   If you don't continue to make payments to your original creditor while the balance transfer is being processed, your credit score will suffer. Balance transfers can take up to three weeks, or be completed in just a few days, after you make a request or apply for a card.

How Balance Transfers Can Help Your Credit Score

1. Reduced Utilization

   If you leave your old credit card(s) open, adding a new card will reduce your utilization ratio across all accounts, assuming no additional spending. The utilization on the card you transferred the balance from will drop, and it will increase on the card you transferred the debt to.

2. Low Interest

   Balance transfer cards often have 0% introductory APRs. This gives you the chance to pay off your balance faster, since the full amount of your payments will go to the principal rather than interest. This is good for your score long-term.

3. Less Debt

   A balance transfer can help you reduce your debt load. That's important because how much debt you owe is a key ingredient in your credit score. The less, the better, since people with little-to-no debt are in a more stable position financially.

Bottom Line

Balance transfers won't hurt your credit by themselves. But they affect other elements of your credit that could bring your score down a little temporarily. Still, the benefits will outweigh the negatives in the long run, as long as you plan to repay most, if not all, of your balance during your card's low introductory APR period.

Where people get into trouble is trying to use a balance transfer to support unsustainable spending habits, thinking 0% balance transfer credit card offers are always available. They're not, and learning that the hard way is a very expensive mistake. So make sure to use a balance transfer calculator to make a payment plan.

Yes, a balance transfer fee can be waived in rare cases, though it's unlikely even with a good, long-standing relationship with your credit card issuer and a strong credit score. Rather than trying to negotiate, the best way to avoid a balance transfer fee is to find a credit card without one.

One card with no balance transfer fee is the First Tech Choice Rewards World Mastercard®, which offers a $0 annual fee. However, most cards with no balance...

A balance transfer credit card can save you hundreds of dollars on interest and help you get out of debt much faster. According to our research, even the average balance transfer credit card has a 0% APR for around 13 months, with a 3.12% balance transfer fee and a $0 annual fee, providing a big discount compared to the average card overall. To find the best balance transfer card offers, we analyzed more than 1,500 cards based on WalletHub's proprietary 100-point card rating system.

When choosing between balance transfer credit cards, the two biggest things you should look into are the length of the 0% intro APR and the amount of the balance transfer fee, which tends to be either 3% or 5% of the amount transferred (occasionally 0%). You should only consider cards with high balance transfer fees if they have a very long 0% period to make up for it. Our balance transfer calculator can show you how much money you'd save with each card, which can help you select the right offer.

In addition, don't forget that some cards' balance transfer promotions have a time limit. If you don't make your transfer within a certain period of time after opening your account, you might not get the low introductory APR or transfer fee. It's best to make your transfer right away, so request a transfer on the application if you can.

• Citi Simplicity® Card: 0% for 21 months from account opening
• Fifth Third 1% Cash/Back Card: 0% for 21 billing cycles
• Citi® Diamond Preferred® Card: 0% for 21 months from account opening
• BankAmericard® credit card: Excellent credit
• Wells Fargo Reflect® Card: 0% for 21 months from account opening

WalletHub's best credit card picks and ratings are completely independent and not provided, commissioned, or endorsed by any issuer. In addition, our editors follow a strict editorial policy. Some offers may come from WalletHub's advertising partners. WalletHub independently collected information for some of the cards on this page.

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Doing a balance transfer is a very good idea if you need multiple months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card. Most balance transfer cards require a 700+ credit score.

What you should know before making a balance transfer:

• You generally need good credit or better to get a 0% balance transfer credit card. Most balance transfer cards have very high regular APRs, making...

No, a balance transfer does not cancel a credit card. You are not required to close the account once a balance transfer is complete, either. It may actually be a good idea to keep your old credit card account open, even if you don't plan on using it. Closing a credit card account after a balance transfer could have a negative effect on your credit score.

When you close a credit card, it reduces your...

The average balance transfer offer is 0% for 13 months, according to WalletHub's Credit Card Landscape Report. In addition to an introductory APR of 0% for 13 months, the average balance transfer offer includes a balance transfer fee of 3.12%.

The length of a balance transfer offer is important because balance transfer credit cards tend to have high regular interest rates that take effect after their introductory APR expires. Furthermore, the length of the average balance transfer offer is...

The best balance transfer credit card is not one-size-fits-all, as the answer depends on how much you owe, how quickly you'll be able to repay it and what your credit score is. Those factors will tell you which cards are attainable and help you figure out how much each will save you. But we can certainly point you in the right direction.

Best 0% Intro APR Balance Transfer Credit Cards

The easiest balance transfer credit card to get approved for is the Citi Double Cash Card because you only need fair credit to qualify. The Citi Double Cash Card also offers an introductory balance transfer APR of 0% for 18 months.

The card has a regular APR of 19.24% - 29.24% (V) and a transfer fee of 3% intro fee ($5 min) for each transfer in first 4 months, after that 5% ($5 min) for each transfer. Easy approval balance transfer credit cards typically don't measure up to the best balance transfer credit cards in terms of interest rates and fees, but this offer comes close thanks to its...

No, there no completely free balance transfer credit cards.

Keep in mind, though, that it's difficult to find a balance transfer credit card that not only has a 0% intro APR but also charges no annual fee and no balance transfer fees. Now, banks tend to offer either no balance transfer fee credit cards or 0% balance transfers, but not both. If you have at least good credit, though, you've got some good options to choose from.

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