First things first, here are the latest credit cards that offer no balance transfer fee:
IberiaBank Visa Platinum Rewards Card - no balance transfer fee, 0% APR for six months, no annual fee - apply here.
IberiaBank MasterCard Gold Cash Back Rewards Card - no balance transfer fee, 0% APR for six months, no annual fee - apply here
American Express Clear Credit Card is also a “no fee balance transfer credit card”! Click here to apply.
While playing the credit card balance transfer arbitrage game can come in handy, it can also burn you if you aren’t careful.
As I’ve noted in similar posts, balance transfers often come with hefty fees, the universal default rule, and many other pitfalls that can turn the balance transfer game on its head.
If you do choose to use credit card balance transfers, make sure you go with credit card providers that don’t charge a balance transfer fee. While this sounds like a no-brainer, it’s often unclear who and who does not charge the fee.
To find out, you really need to dig deep and open up the terms and conditions of the credit card agreement. The credit card providers definitely won’t make it obvious that there’s a fee associated with the balance transfer. The only thing they’ll highlight is the fact the APR is 0% on for “x” amount of months.
If you check out the fine print, you’ll likely find a section regarding balance transfers. In that section read very carefully to ensure that there isn’t a fee associated with the transfer. If there is, it should note the percentage charged, along with a maximum charge. Typically it is 3% of the transfer amount or a maximum of $50-$75. While it doesn’t sound too pricey, $75 charges add up, and eventually kill the advantages of using balance transfers to begin with.
From my experience, Chase credit cards always seem to have an associated balance transfer fee, as well some American Express credit cards. Discover credit cards and Citibank credit cards seem to have the most no fee balance transfer credit cards, and I have listed a few below to save you time. As always, double-check the fine print to make sure there isn’t a balance transfer fee associated, as terms can change over time.
Aside from the lack of balance transfer fees, Discover is probably a credit card you don’t have, and therefore a better candidate for a balance transfer, because balances must be transferred from different credit card providers. For example, if your current credit card balance is with Discover, you wouldn’t be able to move it to a new Discover card. If you current balance is with Chase, American Express, Citi, etc, then you could move it to a Discover card.
UPDATE! The credit cards below no longer offer a “no fee balance transfer”. They are now 3% of the balance transfer up to $75. This seems to be a growing trend as card issuers try to discourage balance transfer arbitrage.
These are still solid credit cards with 0% APR for 12 months and cash-back rewards.
Discover® More Card
Discover® Business Miles Card
Discover® More Card - Wildlife Collection
Discover® More Card – Clear
Discover® More Card - American Flag
Discover® More Card - Sealife Collection
Discover® Business Card
Miles by Discover® Card
Discover® Open Road
