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So, let’s say you transfer $5,000 in high-interest credit card debt to a new balance transfer card that charges a 3 percent balance transfer fee. In this case, you would begin repayment on your ...
Most balance transfer credit cards charge between 3 percent and 5 percent, which means you’ll pay between $30 and $50 in fees for every $1,000 you transfer. Balance transfer checks can have ...
Some cards charge an intro balance transfer fee of 3% for transfers made in the first 60 or 120 days. After that, the fee goes up to 5%. On $5,000 in debt, that's the difference between paying ...
For example, if you have a card with a $5,000 balance transfer limit and a 3 percent balance transfer fee, the most you’ll be able to transfer is about $4,850.
Starting balance. Monthly payments. Months to pay off card. Interest paid. Regular credit card. $5,000. $300. 20. $949. Balance transfer card with fee applied. $5,150
“Credit card interest is very high at present, with rates from 18 percent to as high as 27 percent. Banks are allowed to charge high interest because credit card charges are unsecured loans.
Assuming you pay it down to $9,000 and move that loan — now including an estimated $360 fee — to a balance transfer card with a 0 percent intro APR for 15 months, the payments would rise to ...
On the other hand, if you transfer that debt to a 0 percent intro APR card with a 3 percent balance transfer fee, you can pay $344 monthly to pay off your debt in the same time frame without ...