No Fee Balance Transfer Credit Cards

No Fee Balance Transfer Credit Cards

Are there any no fee balance transfer credit cards available in the UK credit card market in 20201

Over the last couple of years no fee balance transfer credit cards have become an extremely rare occurrence.

Introductory 0% balance transfer offers have got 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 fee balance transfer credit cards.

Balance transfer cards with lower fees are particularly suited to customers looking to make smaller balance transfers. This is because credit cards with balance transfer fees will often charge a minimum fee. This makes smaller balance transfers more costly, in terms of charges.

Lowest Balance Transfer Fee Credit Cards

Balance transfer handling fees have been rising over the last couple of years. Average balance transfer fees are now around 2.4% 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 lowest balance transfer fee credit cards, generally have a slightly 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 cards do charge a balance transfer fee :-


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Card Offers

Balance Transfers:
0% for 25 months
Balance Transfer Fee:
2.85%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Card Details

HSBC Balance Transfer*
  • 0% interest for 25 months on balance transfers made within first 60 days of account opening
  • 2.85% 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
More Information

Application Criteria

HSBC Balance Transfer*
  • 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
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

Card Details

Co-operative Bank Balance Transfer
  • 0% interest for 24 months for balance transfers made within 60 days
  • 3% balance transfer fee, minimum £5
  • 0% interest on purchases for 4 months from account opening
  • All successful applicants will receive this exact rate and offer
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Co-operative Bank Balance Transfer
  • Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
  • You are a UK resident
  • You have annual income of £10,000 or more
  • You are aged 18 or over
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)
No balance transfers allowed to this card from Co-operative credit cards

Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

Card Details

HSBC Purchase Plus*
  • 0% interest for 18 months on balance transfers made within first 60 days of account opening
  • 2.9% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 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
More Information

Application Criteria

HSBC Purchase Plus*
  • 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
More Information
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions
No balance transfers allowed to this card from first direct, HSBC, M&S or Partnership credit cards

Card Offers

Balance Transfers:
0% interest for up to 22 months
Balance Transfer Fee:
2.99%
Purchases:
0% interest for 3 months
Representative APR:
20.9% APR (variable)
More Information

Card Details

Tesco Clubcard Credit Card for Balance Transfers
  • 0% interest for up to 22 months on balance transfers made within the first 90 days of opening your account
  • 2.99% balance transfer fee in first 90 days, 3.99% fee after 90 days
  • 0% interest for 3 months on purchases from account opening
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • You can transfer up to 95% of your available credit limit
  • Apply online and get a decision within 60 seconds
  • Annual Fee: None
More Information

Application Criteria

Tesco Clubcard Credit Card for Balance Transfers
  • You have an annual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You don't currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
Representative Example: 20.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)
No balance transfers allowed to this card from Tesco credit cards

For several years now the largest balance transfer fees have been edging up towards 3% ans even got close to 4% in some cases. However the credit card companies have more recently shown signs of competing again, by offering lower balance transfer fees.

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 2.4% 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 HSBC balance transfer credit card:-

  • This card has a balance transfer fee of 2.85%
  • Your balance transfer fee would then be 2.85% of £1,000, which equals £28.50.

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.


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