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To calculate your balance transfer fee, you’ll first want to convert your new card’s balance transfer fee from a percentage to a decimal (such as 5 percent to 0.5).
Let’s assume you transfer it to a balance transfer card with a 0 percent intro APR offer for 18 months and a 3 percent balance transfer fee. Additionally, let’s say your current card has a ...
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
Most credit card issuers charge a balance transfer fee upfront. Usually it’s the greater of a percentage of the debt or a flat fee. ... New cardholders can get a 0% intro APR on balance ...
Moreover, balance transfer should be done as per the timings allocated by the credit card company. While many credit card issuers offer 0% interest balance transfers, some issuers also charge a transfer fee, which could range from 0–5%.
The process of a balance transfer can usually be concluded within hours. Automated services facilitate balance transfers between card issuers. Balances cannot be transferred between cards with the same bank. A transaction fee is a one-off commission charged by the company that receives the balance. This varies from (typically) 1-5% of ...
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