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Transfer fee. $150 (3% of $5,000) $0. Monthly payment. $286. $329. Total interest paid. $0. $916. Total cost. $5,150. $5,916. ... Calculate whether the transfer fees are worth the interest savings.
Balance transfer fee: 3 percent ($5 minimum) ... Transfer $5,000 to the Citi Double Cash® Card, which offers an intro 18 months 0 percent interest on balance transfers (then a 19.24 percent to 29 ...
Pay the transfer fee. ... on the initial credit card so you don’t rack up any additional fees or interest charges. ... can get a 0% intro APR on balance transfers for 18 months (after that, the ...
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
Companies often temporarily lower interest rates for promotional offers. The lower the interest rate, the less the cardholder ends up repaying. Balance transfers involving a transfer of funds from a high-interest credit card or a store card to another card results in a reduction in interest fees for the cardholder.
On a $5,000 transfer, the balance transfer fee will likely be $150 or $250. It's a fairly small price to pay to go from an interest rate of 20% or higher to 0%.
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