The Top No Transfer Fee Credit Cards Worth Your Look
If you’re looking for a credit card that can help you claw your way out of debt, you might consider transferring your debt to a card with no balance transfer fees and a 0% introductory APR on balance transfers.
With a typical credit card, interest payments on your debt can keep you stuck in that debt hole. If you can transfer your balance to a card with a nice long 0% intro balance transfer APR, you stand to save money. And if that card charges no balance transfer fees, all the better!
Generally, credit cards with 0% intro rates on balance transfers are more common than cards with no transfer fees whatsoever. In fact, with business credit cards, it’s quite uncommon to find a card with no balance transfer fee. Nonetheless, when it comes to transferring a balance from another card, some business cards are better than others.
In this article, we’re going to look at the best credit cards for balance transfers, both business and personal. However, here’s something I should mention at the outset: Most credit card issuers don’t allow you to transfer a balance from one of their cards to another. For example, you can’t transfer a balance from one American Express card to another Amex card.
For more details on how balance transfers work, go read our handy guide on balance transfers for small business owners. (Non-business-owners can take advantage of these tips too!)
|Credit Card||Balance Transfer Fee||Balance Transfer 0% Intro Rate|
|Spark Cash from Capital One||0%||None|
|Amex Blue Business Plus||3%||0% APR for 15 months (Offer expired.)|
|Chase Ink Business Cash||5%||0% APR for 12 months|
|Amex EveryDay Credit Card||0% for the first 60 days||0% APR for 15 months|
|Chase Slate||0% for the first 60 days||0% APR for 15 months|
|BankAmericard Credit Card for Students||0% for the first 60 days||0% APR for 15 months|
|SunTrust Prime Rewards Credit Card||0% for the first 60 days||Prime Rate (currently 5.50%) APR for 3 years|
Table of Contents
Best Business Credit Card With No Transfer Fees
Spark Cash from Capital One
Spark Cash from Capital One is one of the very few business credit cards on the market that does not charge a transaction fee on balances transferred to the card. As such, it must be the best business credit card for balance transfers, right?
Not so fast. While the lack of transaction fees applied to balance transfers is beneficial to entrepreneurs trying to climb out of debt, the card doesn’t carry a 0% intro APR on balance transfers (or purchases for that matter). So while you won’t be assessed a fee for transferring a balance to this card, the monthly APR on your transferred balance will be 19.24% starting the first billing period. If you don’t envision being able to pay off your balance within a few months, you may be better served by Amex’s Blue Business Plus card despite that card’s 3% fee on balance transfers.
The Spark Cash business card offers a great cash back deal: 2% cash back on all purchases with no limit to the amount you can earn. It’s great for business owners who just want cash back without having to consider which category their spending falls into. On the downside, a $95 annual fee kicks in after the first year.
Best Business Credit Cards With 0% APR On Balance Transfers
Blue Business Plus Credit Card from American Express
The Blue Business Plus Credit Card from American Express might just be the best business credit card currently available for the purposes of transferring a balance. Why?
First, the card offers a lengthy 15-month 0% APR period for balance transfers. (Offer expired.) (The card’s business competitors offer, at best, 12 months of 0% APR on balance transfers.) Second, the card applies a 3% fee (or $5, whichever is greater) to balances transferred to the card. While it’s true that there are plenty of personal credit cards that impose no balance transfer fees whatsoever, the Blue Business Plus’s 3% fee is lower than that of most competing business credit cards, most of which charge a 5% balance transfer fee.
Along with being a great business card for balance transfers, the Blue Business Plus also gives you 2 rewards points for every $1 you spend on your first $50,000 worth of purchases per year. What’s more, cardholders are able to purchase above their credit limit so long as they pay the full amount purchased above their credit limit each month (along with the minimum payment).
Chase Ink Business Cash
Chase Ink Business Cash
15.49% - 21.49%, Variable
The Chase Ink Business Cash card offers 0% APR on all balance transfers for 12 months. While this doesn’t quite match the Blue Business Plus’s 15 months, it’s still quite competitive as business cards go. In fact, many business cards offer an introductory 0% rate for purchases only (or not at all).
Unfortunately, the Ink Business Cash charges a 5% (or $5) fee on all balance transfers.
Apart from balance transfers, the Ink Business Cash is a top-of-the-line cash back business card. Here’s what your business spending will get you:
- 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone purchases each year
- 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each year
- 1% cash back on all other purchases
Best Personal Credit Cards With No Transfer Fees
Amex EveryDay Credit Card
The Amex EveryDay Credit Card is a uniquely valuable personal credit card for those striving to get out of debt.
The EveryDay card lets you transfer a balance over with no balance transfer fee, provided you transfer the balance within 60 days of opening your account (a 3% charge will apply thereafter). You’ll also enjoy a 0% intro APR on balance transfers and purchases for 15 months and no annual fee.
While the Amex EveryDay card is a great card for cost-free balance transfers, you’ll also get a remarkable level of rewards for such a practical card. You’ll get 2 Membership Rewards points for every dollar spent at a) US supermarkets on up to $6,000 per year in purchases and on b) travel purchases booked through AmexTravel.com. Furthermore, if you make 20 or more purchases with your card in a billing period, you get 20% extra points on those purchases (minus returns and credits).
Of course, such inducements to spend may be said to run counter to the goal of helping you out of debt, but that’s an existential issue outside the purview of this article!
The Chase Slate card is a credit card specifically designed to help you manage your credit card debt.
It’s not an exciting card. There’s no cash back to earn and there are no fancy benefits to accrue. However, the card offers the debt-burdened cardholder three benefits. First, the Chase Slate card lets you transfer a balance over with no balance transfer fee so long as you do so during the first 60 days your account is open. After 60 days, a 5% fee will be applied, so transfer those balances early.
Second, the Chase Slate features a 0% intro APR for 15 months on balance transfers and purchases so you’ll have a decent amount of time to pay off that balance before any interest charges accrue.
Finally, the card carries no annual fee.
BankAmericard Credit Card for Students
The BankAmericard Credit Card for Students should be of interest to any student (yes, you must be a student to qualify) looking to consolidate credit card debt.
With the BankAmericard student credit card, you can transfer a balance to the card with no fees (provided you do so within 60 days of opening your account.) A 3% charge (or $10, whichever is greater) applies to balance transfers after the initial 60 days. You’ll also get an introductory 0% APR for 15 months on all balances transferred within 60 days of opening your account and on all purchases.
Additionally, the card has no annual fee and you’ll be able to check your FICO score for free with your Mobile Banking app or in Online Banking. There are no rewards to earn.
SunTrust Prime Rewards Credit Card
The SunTrust Prime Rewards credit card offers a unique deal to debt-addled consumers looking to consolidate credit card debt.
Like several other cards listed here, the SunTrust Prime Rewards card won’t charge you a balance transfer fee on any balances transferred within 60 days of your account opening. However, when it comes to paying off your transferred debt, all balances transferred within 60 days of opening your account will be subject to a Prime Rate (currently 5.50% variable) intro APR for 36 months. Now, 5.50% interest isn’t as good as 0% interest, but you’ll have a full 3 years to pay off your debt at this low rate.
The card has no annual fee and no foreign transaction fee, and you’ll get an unlimited 1% cash back on all qualifying purchases.
It may seem odd to use credit cards to work your way out of debt considering the fact that credit cards got you into debt in the first place. However, transferring your debt to the right card can, indeed, save you money on interest payments — provided you play your cards right. [Pause for laughter.]
Still looking for a credit card to fit your small business needs? Check out these helpful articles on the subject!