No Fee Balance Transfer Credit Card

The combination of a Balance Tansfer credit card offer with no balance transfer fee is a rare one to find, here we compare the credit cards competing to deliver the ultimate in value.

These no fee balance transfer cards deliver the immediate saving of no transfer fee combined with a 0% p.a. balance transfer rate to maximize your savings in interest as you repay your debts. With balance transfer fees ranging from 1 - 2% of the balance to be transferred the savings can be significant. Use our calculator below to work out the interest savings you could make by switching to one of the balance transfer credit cards listed in the table, simply enter the balance you wish to transfer and the interest rate of your current card, the savings you could make by transferring your debt are then shown for each balance transfer card in the "Your Savings" column.

Save with a No Fee Balance Transfer Credit Card

A no fee 0% balance transfer credit card not only delivers great savings in interest it also removes the cost of making the transfer. This fee that is charged by the majority of Balance Transfer Credit Cards is charged as a % of the balance you are transferring and is generally in the 1-2% range. So if you where transferring $10,000, and the balance transfer fee was 2%, you’d incur a $200 fee which is charged upfront and usually added to your transferred balance, so in this case your debt increases on day 1 of your transfer to $10,200. 

 

How to save with a 0% p.a. Balance Transfer credit card

  • Select the card that offer the right combination of low balance transfer rate and length of the period over which the introductory rate remains valid - this often referred to as the Balance Transfer Period. A 0% p.a balance transfer rate offered for 6 months will be a poor choice, and prove to be a costly mistake, if you are not 100% confident you can repay the balance in full within 6 months. If your confidence level on this is not 100% opt for a longer period over which to repay the balance to provide some breathing space.
  • Understand the implications of the revert rate - Once the Balance Transfer Period is over any remaining debt on the card ceases to benefit from the low Balance Transfer rate, as the rate reverts to a higher rate, which is usually either the cards standard purchase rate or cash advance rate.
  • Absolutely never miss making the payment on each of the published payment dates - Transferring your debts to a balance transfer card is a popular and proven approach to reducing your interest charges whilst you repay the debt, but all the benefits delivered by the balance transfer can easily be lost, simply by missing one of the monthly repayments.
  • Control the urge to continue to spend on your new credit card - Balance Transfer cards often include great rewards programs and are increasingly featuring 0% purchase rates for a promotional period so it is tempting to use the card, as you pay down the balance transfer debt. Any spending on your card is going to reduce your ability to totally clear your card balance and be debt free at the end of the transfer period, remind yourself why you made the balance Transfer and imagine what a debt free life would feel like.
  • Consider balance transfer cards that charges an annual fee - There’s a wide range of no-fee balance transfer cards you can choose from. But by paying an annual fee, you could also be paying for more favorable terms for your balance transfer such as a longer introductory period and a lower revert rate when that period is up, so consider all the options to secure the best balance transfer deal for your circumstances.

Frequently Asked Questions

What is a Balance Transfer Fee?

The Balance Transfer Fee is a fee charged by the card provider for administering the process of transferring your balance from your old credit card over to your new credit card. This fee is usually a % of the balance you are seeking to transfer.

Do no fee Balance Transfer cards charge an annual fee?

It is extremely rare to find any Balance Transfer Credit Cards which charge no balance transfer fee and no annual card fee. In the last 12 months only 1 card has featured this absolutely no fee propsotion on a blanace transfer card, with most charging an annual card fee.