No fee balance transfer credit cards
Pay off your credit card debt without any interest or extra balance transfer fees.
A balance transfer credit card can be a useful tool to clear your credit card debt without paying any interest for an introductory period. But even with an introductory 0% interest rate, your balance transfer credit card may come with other charges. A common cost includes the balance transfer fee, which is usually around 1% to 3% of the amount you transfer to the new card. This is charged when you first move your balance and it can eat into the savings you get from the balance transfer offer.
You can use this guide to compare cards that don’t charge a balance transfer fee and to learn about other costs you should try to avoid when you’re using a balance transfer credit card.
Comparison of credit cards with no balance transfer fee
What other costs should I look out for?
- Revert rate. At the end of the promotional period, any remaining balances will collect interest at the revert rate. This is usually the standard cash advance or purchase rate, which can be as high as 23% in some cases. You should aim to pay your balance in full before the introductory offer ends to avoid this cost and stop yourself from falling back into debt. You can compare balance transfer cards by the revert rates for more information.
- Annual fee. If your card doesn’t charge a balance transfer fee, it may charge an annual fee. Depending on the size of your debt, the annual fee could be more expensive than what you’d pay if you opted for a balance transfer card with $0 annual fee that charged a balance transfer fee. This is why it’s important to compare your options to find the card that offers you the biggest savings.
- Purchase interest rate. Ideally, you shouldn’t use your card to spend while you’re paying off a balance transfer. However, it’s important to consider the purchase interest rate in case you use the card for an emergency. Remember that any repayments will go towards paying off your purchase before your balance transfer debt during the introductory period. This is because your card issuer is obligated to pay off the debt with the highest interest rate first.
How else can I compare balance transfer credit cards with no balance transfer fee?
- Balance transfer interest rate. Most balance transfer credit cards offer 0% for a promotional period. However, you may come across some introductory balance transfer deals with higher interest rates such as 2% for the introductory period. If you pay your debt off in full, you’re likely to save more with a card that charges 0% rather than a low interest rate.
- Length of introductory period. Interest-free balance transfers typically last for 6 to 24 months or more. It’s important that you choose a balance transfer card that gives you enough time to pay your debt off completely before the revert rate applies and you start collecting interest.
- Balance transfer limit. While you can transfer up to 100% of the approved credit limit on some cards, others have stricter balance transfer limits. For example, some cards may only allow transfers of up to 80% or 90% of the approved credit limit. For example, if you had an approved credit limit of $10,000 and a 90% transfer limit, you could only transfer a debt of up to $9,000. Make sure that this balance transfer limit can still support your debt so you can move the entire amount to your new card.
- Eligible banks. There may be restrictions on which credit cards you can transfer your existing balance to. Usually you can’t balance transfer between accounts managed by the same card issuer. So you couldn’t transfer a balance from one Westpac card to another Westpac product for example. See the full list of who you can balance transfer to here.
A 0% balance transfer credit card is designed to help you pay down your debt without the cost of interest, but it’s still important to consider other costs such as the balance transfer fee.
Want more options? Compare other 0% balance transfer credit cards and get your debt under control.
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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.