An improved understanding of the electronic structure of interfacial charge transfer (CT) states is of importance due to their crucial role in charge carrier generation and recombination in organic donor-acceptor (DA) solar cells. DA combinations with a small difference between the energy of the CT state (E CT ) and energy of the donor exciton (E D * ) are of special interest since energy losses due to electron transfer are minimized, resulting in an optimized open-circuit voltage. In that case, the CT state can be considered as a resonance mixture, containing character of a fully ionic state (D + A − ) and of the local polymer excited state (D * A). We show that the D * A contribution to the overall CT state wave function can be determined by measurements of the polarization anisotropy of CT absorption and emission of polymer:fullerene blends with aligned polymer chains. We study two donor polymers, P3HT and TQ1, blended with fullerene acceptors with different ionization potentials, allowing variation of the E D * − E CT difference. We find that, upon decreasing E D * − E CT , the local excitonic D * A character of the CT state increases, resulting in a decreased fraction of charge transferred and an increased transition dipole moment. For typical polymer:fullerene systems, this effect is expected to become detrimental for device performance if E D * − E CT < 0.1 eV. This however, depends on the electronic coupling between D * A and D + A − , which we experimentally estimate to be ∼ 6 meV for the TQ1:PCBM system.