Are there credit cards with no balance transfer fees?

You can occasionally find credit cards that don't charge balance transfer fees. Most often, it's part of a promotional offer meant for new cardholders, so you may need to open a new balance transfer credit card to get one.

How Does a Balance Transfer Work?

If you're looking for ways to pay off your credit card debt, balance transfers are a popular option. Opening a balance transfer card gives you the opportunity to both simplify your debt repayment and save a lot of money in interest.

A balance transfer is a big step, and you don't want to jump into it before you fully understand how it works. In this detailed guide, you'll find everything you need to know, including how balance transfers work and how they compare to a couple of alternatives.

What is a balance transfer?

A balance transfer is when you move an existing debt onto a credit card. In most cases, this involves transferring credit card debt from one card to another. However, some card issuers also let you pay off other types of debt with balance transfer credit cards.

You would typically move the balance to a card with a balance transfer offer for a special low promotional interest rate. The best balance transfer cards offer 0% interest for an introductory period. That means for the intro APR period, 100% of your payments go toward paying down your principal, and you won't incur any interest charges.

Since you can transfer multiple balances to the same card, balance transfers are a good way to consolidate your credit card debt.

How do balance transfers work?

Here's how to do a balance transfer:

Research balance transfer cards. Ideally, you want a card with a 0% intro APR that lasts long enough to pay your credit card debt in full.
Apply for a card. Once you've found a balance transfer offer you like, it's time to fill out an application. Some card issuers will ask when you apply if you're planning any balance transfers. In that case, you can set up your balance transfers during the application process.
Transfer the balance. You can transfer a credit card balance through the online account for your new card. You'll need to provide information on the credit card with the balance you're transferring, including the credit card number and the amount you want to transfer. Another option is to call the number on the back of your new card and set up your transfer by phone.
Start making payments. You need to continue making payments on your old card until the transfer process is complete. After the credit card balance is transferred, you'll make payments on the new card.

Keep in mind that you typically can't do any balance transfers between two cards from the same credit card company. You could transfer balances from Chase credit cards to a Citi card, but you couldn't transfer a balance from a Chase card to another Chase card.

What to look for in a balance transfer card

Here are the features you should look at when choosing a balance transfer credit card:

Introductory APR: A 0% intro APR is a standard balance transfer offer, so you shouldn't choose a card with a higher rate.
Length of intro APR: Longer is generally better because you'll have more time to pay off your credit card balance.
Balance transfer fee: Most cards charge a balance transfer fee of 3% to 5% of the transaction amount.
Balance transfer limit: The balance transfers plus any applicable balance transfer fees can't exceed the card's credit limit. Some credit cards also add specific limits for balance transfers. These can either be fixed amounts, such as $10,000, or a percentage of whatever credit limit you're given.

Top balance transfer cards

Here are a few of our favorite balance transfer cards that might be a good fit for you.

As of Oct. 02, 2024


Wells Fargo Reflect® Card	Citi Double Cash® Card	Discover it® Chrome
Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.	Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. Rating image, 4.50 out of 5 stars. 4.50/5 Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Apply Now for Wells Fargo Reflect® Card On Wells Fargo's Secure Website. Rates & Fees	Apply Now for Citi Double Cash® Card On Citi's Secure Website. Rates & Fees	Apply Now for Discover it® Chrome On Discover's Secure Website. Rates & Fees
Read Full Review	Read Full Review	Read Full Review
Credit Rating Requirement: Recommended Credit Score required for this offer is: Good/Excellent (670-850) Good/Excellent (670-850)	Credit Rating Requirement: Recommended Credit Score required for this offer is: Fair to Excellent (580-850) Fair to Excellent (580-850)	Credit Rating Requirement: Recommended Credit Score required for this offer is: Good/Excellent (670-850) Good/Excellent (670-850)

Welcome Offer: N/A	Welcome Offer: $200	Welcome Offer: Discover will match all the cash back you’ve earned at the end of your first year.

Rewards Program: N/A	Rewards Program: 2% cash back	Rewards Program: 1% - 2% Cashback

Intro APR: Purchases: 0% intro APR, 21 months from account opening Balance Transfers: 0% intro APR, 21 months from account opening on qualifying balance transfers	Intro APR: Purchases: N/A Balance Transfers: 0%, 18 months on Balance Transfers	Intro APR: Purchases: 0%, 6 months Balance Transfers: 0%, 18 months

Regular APR: 17.74%, 24.24%, or 29.49% Variable APR	Regular APR: 18.74% - 28.74% (Variable)	Regular APR: 17.74% - 27.74% Variable APR

Annual Fee: $0	Annual Fee: $0	Annual Fee: $0

Highlights: Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions. 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers. 17.74%, 24.24%, or 29.49% variable APR thereafter; balance transfers made within 120 days qualify for the intro rate, BT fee of 5%, min: $5. $0 Annual Fee. Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible. Through My Wells Fargo Deals, you can get access to personalized deals from a variety of merchants. It's an easy way to earn cash back as an account credit when you shop, dine, or enjoy an experience simply by using an eligible Wells Fargo credit card.	Highlights: Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. To earn cash back, pay at least the minimum due on time. Plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 18.74% - 28.74%, based on your creditworthiness. Balance Transfers do not earn cash back. Intro APR does not apply to purchases. If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month. There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).	Highlights: INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match. Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases. Get a 0% intro APR for 18 months on balance transfers. Then 17.74% to 27.74% Standard Variable APR applies, based on credit worthiness. Redeem your rewards for cash at any time. Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app. No annual fee. Terms and conditions apply.
Apply Now for Wells Fargo Reflect® Card On Wells Fargo's Secure Website. Rates & Fees	Apply Now for Citi Double Cash® Card On Citi's Secure Website. Rates & Fees	Apply Now for Discover it® Chrome On Discover's Secure Website. Rates & Fees
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How to pay off debt using a balance transfer

A balance transfer is a tool you can use to consolidate your debt, pay it off more quickly, and stop paying interest for a year or longer.

The easiest way to understand how balance transfers can help you pay off debt is by looking at an example. Let's say you're carrying balances across three credit cards. We'll use a total amount of $6,000 since that's close to the average credit card balance, based on recent household debt statistics.

If you can pay $300 per month toward that debt, here's the difference between using balance transfers (to a card with a 3% balance transfer fee) and not using them:

APR	Monthly Payment	Time to Pay Off	Balance Transfer Fee	Interest Paid
0% for 21 months	$300	21 months	$180	$0
20%	$300	25 months	N/A	$1,359

Data source: Author's calculations.

Thanks to that credit card balance transfer, you save $1,179, even with the balance transfer fee. You've paid off your debt four months earlier, and because you consolidated your debt, you only needed to make one monthly payment instead of three.

Balance transfers vs. personal loans

A personal loan is a common alternative to a balance transfer. If you get a personal loan, you can use that to pay off your debt, and then make payments on the loan.

The biggest disadvantage of a personal loan is the interest rate. Although you can likely find a personal loan with a lower interest rate than your credit card debt, you won't get a 0% intro APR.

On the other hand, you can typically get a personal loan with a term of three to five years. That's much longer than the 0% intro APR period on any balance transfer card. Personal loans can also be used to pay almost any type of debt. You can do that with some, but not all, balance transfer cards.

In most cases, it's smarter to start with a balance transfer card and pay down as much debt as you can during the intro period. If you still have debt afterwards, you can apply for a personal loan. This method gets you the best of both worlds. You take advantage of that 0% intro APR, and then you'll have a much smaller amount left to pay off with a personal loan.

Balance transfers vs. 401(k) loans

If you have a 401(k), you may also be considering a 401(k) loan to pay off your credit card debt. This type of loan allows you to use money from your 401(k) and avoid early withdrawal penalties. You repay this type of loan through automatic deductions from your paycheck, and you can typically get a term of up to five years.

Although that might sound convenient, you should only tap into retirement savings as a last resort. Balance transfers are the much better choice for several reasons:

By borrowing money from your retirement fund, you could miss out on growth, especially if the market is going up.
If you lose your job, your 401(k) plan will likely require that you pay back the entire loan quickly. Otherwise, the loan will be considered an early retirement plan distribution, resulting in taxes and penalties.
It's also considered an early retirement plan distribution if you don't pay the loan off by the end of the term, and the longest term in most cases is five years. Again, you'd pay taxes and penalties.
In a worst-case scenario where you eventually need to declare bankruptcy, credit card debt is dischargeable, but a 401(k) loan isn't.

The only situation when a 401(k) loan would be the right choice is if you don't have the credit to get a balance transfer card, because your credit score won't matter for a 401(k) loan.

Should I do a balance transfer?

If you have credit card debt and a good credit score, a balance transfer could be a great way to save money on interest.

Some financial decisions are difficult, but this isn't one of them. Credit card interest rates make debt much harder to repay. Balance transfers give you an interest-free opportunity to pay back what you owe.

You should review your credit score first to make sure you'll qualify for a balance transfer. If you haven't done this before, there are free ways to find out your credit score online. A FICO® Score of at least 670 is recommended to qualify for a balance transfer card.

We also recommend using our balance transfer calculator to help with your analysis on whether a balance transfer can save you money.

What should I do with my old card after a balance transfer?

After a balance transfer, the best approach is to stop using your old credit card. You may even want to keep it locked away at home so that you're not tempted to buy anything with it. If you keep making new purchases with that card, you could run up a new balance and end up with even more credit card debt.

You may be wondering if you should just cancel the old card, given that you won't be using it. This can cause your credit score to drop, because your credit utilization will increase when you cancel the card and lose a portion of your available credit. Unless the card has an annual fee or you're worried you'll continue using it, you're likely better off keeping it open.

Making the most of a balance transfer

If you've decided to go through with a balance transfer, remember that it only works when you fully commit to paying off what you owe. It's also crucial that you always pay on time. A missed payment could result in a late fee and possibly even the cancellation of your card's 0% intro APR.

It's easy to relax and spend more than you should once your credit card debt isn't racking up interest anymore. But that just leaves you with the same problems that you had in the first place -- or even bigger ones as you'll have even more high-interest debt to deal with.

That intro APR won't last forever, so make sure you pay back as much debt as you can before it ends.

Take the next step

If you have credit card debt, a balance transfer could be a useful way to help you save money on interest and fees as you take control of your debt.

Find the Best Balance Transfer Credit Cards

Still have questions?

Here are some other questions we've answered:

FAQs

A balance transfer is when you move an existing debt onto a credit card. In most cases, this involves transferring credit card debt from one card to another. If the balance transfer card has a lower interest rate than the debt, you can use it to save money and pay off your debt sooner. Many of the best balance transfer cards offer a 0% intro APR.
Balance transfers can be done either online or by phone, and they're set up with your balance transfer card. You'll need to provide the account number for the balance you're transferring, as well as the amount. Once you submit a balance transfer, the old account will be paid off, and the balance will be added to the new card.
If you have credit card debt and a good credit score, a balance transfer could be a great way to save money on interest.
After a balance transfer, the best approach is to stop using your old credit card. You may even want to keep it locked away at home so that you're not tempted to buy anything with it.
You can occasionally find credit cards that don't charge balance transfer fees. Most often, it's part of a promotional offer meant for new cardholders, so you may need to open a new balance transfer credit card to get one.

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A Complete Guide to Balance Transfers