A balance transfer credit card lets you transfer your existing credit card balances to a new card with an introductory APR of 0% for a set period of time and save a lot on interest. A balance transfer card without this fee allows you to maximize savings, while most charge a fee ranging from 3-5% of the amount transferred.
The average American household is carrying $5,313 in credit card debt, balance transfer fees can greatly reduce their interest savings. On a $5,313 balance transfer with a standard 3% fee, you would pay roughly $159 upfront. Over a 6 to 15-month intro 0% APR period, eliminating this single fee increases your debt payoff.
There are several major banks and credit unions that offer no-fee balance transfer credit cards, even though they are less common than fee-based ones. Credit unions prioritize consumer value over profit margins, so they return earnings to account holders through lower fees and more favorable rates.
Here are some of the best credit union balance transfer offers currently available:
PenFed Gold Visa Card
The PenFed Gold Visa Card offers a strong 0% introductory APR period for both purchases and balance transfers.
Below are the key factors that you should consider.
| Feature | Details |
|---|---|
| Intro Purchase APR | 0% for 15 months |
| Intro Balance Transfer APR | 0% for 15 months |
| Regular Purchase APR | 17.99% Variable |
| Balance Transfer Fee | 3% per transaction |
| Annual Fee | None |
This card provides one of the longer 0% APR intro periods available lasting over 1.5 years. The regular variable APR is reasonable and there are no annual fees to worry about. It’s a versatile option fitting both balance transfer and regular spending needs.
Here are some additional benefits.
- No foreign transaction fees
- No penalty APR
- 25+ day grace period on purchases
- Credit line increases over time
The PenFed Gold Visa Card suits those with good credit seeking lengthy interest-free financing on purchases and transfers, coupled with a competitive long-term purchase APR. The card has no annual fee which allows for keeping costs low while paying down balancesPenFed Power Cash Rewards Visa Signature® Card
Choice Rewards World Mastercard
The Choice Rewards World Mastercard from State Department Federal Credit Union offers a compelling blend of 0% financing, new cardholder perks, and solid ongoing rewards earnings.
Key Features
- 0% Intro APR: 0% for 12 months on balance transfers
- Welcome Bonus: 20,000 points for spending $3,000 in the first 60 days
- 2X Points: Gas, groceries, dining, travel, household categories
- Redeem for: Cash back, gift cards, travel, event tickets
- No annual fee
- No cap on earnable reward points
- Purchase protection covers damage/theft for 90 days
- Special discounts from national merchants
The Choice Rewards World Mastercard provides new cardholders with a year of no-interest financing and a strong bonus offer. Ongoing rewards earned at an accelerated rate on common spending categories. Redemption options suit different consumer needs and preferences. Consider this card for the entire package of short and long-term value
Navy Federal Credit Union More Rewards American Express Credit Card
Navy Federal offers its More Rewards American Express card exclusively to members. It provides strong earnings in popular categories and unique member-only benefits.
Feature
Detail
Intro APR
1.99% for 6 months on purchases
Regular APR
14.90% – 18.00% Variable
Annual Fee
None
Balance Transfer Fee
None
Foreign Transaction Fee
None
Rewards
3X points in top spend categories
The Navy Federal More Rewards Amex card warrants consideration for the extensive 6-month intro APR period on all purchases. This provides over half a year to finance purchases interest-free. Combine that with no annual fee and key transaction fees, and you get a low-cost card that makes sticking to budgets easier.
The 3X bonus categories in dining, groceries, and gas, also reflect where most households direct a bulk of spending. With no caps on earnable rewards points, this card allows your purchases to really add up over time for valuable redemptions. For Navy Federal members seeking simplicity and strategic 0% financing, it hits the marks.
Bottomline
When it comes to credit union credit cards for balance transfers, it’s best to compare offers and find the one that works best for you. The Navy Federal Credit Union Platinum Card may be the best card for you if you’re looking for a long 0% APR period and no annual fee. With bonus categories on dining, groceries, and gas, it’s easy to earn rewards with everyday purchases.
