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 2020?

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 80 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 26 Month
Balance Transfer Fee:
0%
Purchases:
0% for 26 Months
Representative APR:
21.7% APR (variable)
More Information

Card Details

Santander All in One
  • 0% interest on balance transfers for 26 month from date account opened
  • 0% balance transfer fee
  • 0% interest on purchases for 26 month from date account opened
  • 0.5% cashback on all of your purchases
  • No foreign transaction fee on purchases made abroad in local currency
  • Cashback through Retailer Offers
  • Monthly Fee: £3
More Information

Application Criteria

Santander All in One
  • You are a permanent UK resident
  • You have a good credit history with no history of bad credit
  • You have an income of £7,500 per year or more
  • You are at least 18 years of age
More Information
Monthly fee of £3 payable
Representative Example: 21.7% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable) with a monthly fee of £3 payable

Card Offers

Balance Transfers:
0% for 24 Months
Balance Transfer Fee:
1%
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
  • 1% 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)

Card Offers

Balance Transfers:
0% for up to 29 Months
Balance Transfer Fee:
2.74%
Purchases:
0% for 3 Months
Representative APR:
19.9% APR (variable)
More Information

Card Details

Sainsbury’s Balance Transfer
  • 0% interest on balance transfers for up to 29 months
  • 3% initial balance transfer fee (minimum £3) reduced to 2.74% by refund in first 3 months
  • 0% interest on purchases for your first 3 months
  • Collect 2 Nectar points per £1 spent on Sainsbury's shopping and fuel
  • Collect 1 Nectar point for every £5 spent on your card elsewhere
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Sainsbury’s Balance Transfer
  • You have a permanent UK address
  • You have not been declined for credit in the last month
  • You do not have a history of bad credit
  • You are aged 18 or over
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.95% p.a. (variable)

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 1.5%
  • Your balance transfer fee would then be 1.5% of £1,000, which equals £15.

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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