No Balance Transfer Fee Credit Cards for 2016

Two of the least popular words in the credit card aficionado’s lexicon are “debt” and “fees.” Of course what’s really bad is when you experience both of those things at once… which is exactly what happens when you carry a balance on your credit card.

I can’t help you with the “debt” part, but I can make some suggestions to alleviate the latter by using credit cards with no balance transfer fee. But be warned: these offers only come along once in a blue moon.

Chase Slate

Chase Slate card After you open your account, for the first 60 days you can transfer balances to it without any fees! For any transfers made after the first 60 days, the BT fee will be $5 or 3% of the amount, whichever is greater.

And right now, this promotion provides 0% introductory APR for the first 15 months on both transfers AND purchases. Most credit cards only give you one or the other, so to get both and avoid paying a BT fee is a really sweet deal.

Although Chase doesn’t publicly disclose the credit score requirements for their credit cards, it’s widely known that the Slate is easier to qualify for than some of their other cards… so you should give it a shot.

Other Honorable Mentions

The offers below also charge a balance transfer fee. However they have long 0% APR incentives. The reason I’m listing them is in case you:

(a) Already have the above card. If that’s the case, then you won’t qualify for the above promotion.
(b) To take advantage of a 0% signup offer, you need to transfer your balance to a different bank. So the above deals won’t work for everyone.

So, below are the next best options available…

What do banks normally charge for transfers?

Since the Credit CARD Act was passed a few years ago banks have been relying heavily on higher fees to offset the new regulation. As a result, balance transfer fees are higher now than ever before.

Below is a listing of what each major lender charges for most of their cards. However, please note that some of them have cards that are exceptions (being either higher or lower). Also as you will see, there is one credit card company with no balance transfer fees, but since they’re a credit union I left them off the above list.

  • American Express: 3% or $5, whichever is greater (note: You can’t do transfers with all of their cards).
  • Barclaycard: 4% or $10, whichever is greater
  • Bank of America: 3% or $10, whichever is greater
  • Capital One: varies by card
  • Chase: normally it’s at least 3% or $5, whichever is greater
  • Citi: 3% or $5, whichever is greater
  • Discover: 3% of the amount
  • First National Bank of Omaha: 5% or $10, whichever is greater
  • Navy Federal Credit Union: none
  • PenFed Credit Union: 3% or $10, whichever is greater
  • PNC: 3% or $5, whichever is greater
  • USAA: 3% of the amount
  • US Bank: 4% or $5, whichever is greater
  • Wells Fargo: 5% or $5, whichever is greater

Please note that this page is updated on a regular basis with any no fee balance transfer credit cards that come onto the market, but absolutely accuracy can not be guaranteed. With any balance transfer offer you might be considering please be sure to view the issuers terms and conditions before applying.

Here are some other resources you may find useful:

This post was written or last updated August 1, 2016

The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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A portion of the description of Chase Freedom says, “if you moved $3,000 to it, your transfer fee would be $90 (3% of $3,000). But if you also made the $500 in purchases, you would have earned $100 which is more than twice the fee in that scenario.”

How is $100 “more than twice” the $90 transfer fee?

THanks for the list, great info about how to avoid balance transfer fees and not pay them. Too bad only one card right now does it.