Comparing balance transfer credit cards online since 2002
Are there any no fee balance transfer credit cards available in the UK card market in 2024.
No fee balance transfer credit cards in the UK, are those cards which do not charge the customer a fee, when making a balance transfer.
Over the last couple of years a no fee balance transfer card has become much harder to find, in the UK.
0 Balance Transfer Fee Credit Cards
Introductory 0% balance transfer offers have grown much longer over the past ten years. As a result, more and more of the credit card companies have now imposed balance transfer fees.
This has greatly reduced the number of no balance transfer fee credit cards available to new UK credit card customers. Many of the credit card companies that did offer 0 balance transfer fee credit cards to UK customers, have now withdrawn these cards.
No Balance Transfer Fee
No balance transfer fee cards are particularly suited to customers looking to make smaller balance transfers. This is because credit cards which do charge balance transfer fees, will often charge a minimum fee. As a result, this can make a smaller balance transfer more costly, in percentage terms, if you have to pay a £3, or £5, minimum fee.
Balance transfer handling fees have been rising over the last couple of years. Average balance transfer fees are now around 2.5% across the 60 or so, UK balance transfer credit cards currently available.
The lowest balance transfer fee credit cards in the UK come with balance transfer fees of 1.5% or lower. These cards, and the very small number of no balance transfer fee cards available, generally have a shorter 0% balance transfer deal, then the longest balance transfer cards available.
The following featured credit cards, do currently offer some of the longer 0% introductory offers on balance transfers. These longer 0% balance transfer cards do however, charge a balance transfer fee :-
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- 0% for up to 26 months on balance transfers made within 90 days of account opening
- 3.49% balance transfer fee, minimum £5
- 0% on purchases for 3 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
- 0% interest for up to 26 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for 3 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
- 0% on balance transfers for 12 months from the date your account is opened
- 3% balance transfer fee in first 60 days, 5% fee applies after 60 days
- 0% on purchases for 3 months from the date your account is opened
- Discounts on Virgin holidays, Virgin trains and Virgin experience days
- Contactless payments to quickly and securely pay for purchases up to £100
- Online card servicing
- Annual Fee: None
- You are a UK resident
- You have a bank or building society account
- You have a good credit history
- You are aged 18 or over
- 0% for up to 12 months on balance transfers made within 90 days of account opening
- 3.49% balance transfer fee, minimum £5
- 0% on purchases for up to 20 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
- 0% interest for up to 16 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for up to 18 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
For several years now the largest balance transfer fees have been edging up towards 3%, or more. A few years ago the longest balance transfer offer cards were charging as much as a 4% transfer fee. However, some of the credit card companies have more recently shown signs of competing again, by offering lower balance transfer fees.
Some credit card companies may also occasionally offer some customers a balance transfer promotional code, with a reduced balance transfer fee.
What Is A Balance Transfer Fee?
A balance transfer fee is a fee that the card company will charge the customer when the customer transfers an outstanding balance from one credit card to another card.
The average balance transfer fee is currently around 2.5% of the amount of the balance transfer. Many credit card companies will charge a minimum fee of around £3 to £5, depending on the card.
If for example, you transfer a balance of £1,000 to the main HSBC balance transfer credit card:-
- This card has a balance transfer fee of 3.49%
- Your balance transfer fee would then be 3.49% of £1,000, which equals £34.90.
The balance transfer fee is only payable to the card company that the customer is moving the outstanding balance too. There is no balance transfer fee charged by the card company that the balance is being transferred from.
Balance transfer fees were introduced by the credit card companies to recoup some of the cost of providing longer 0% interest deals to customers.
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