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Don’t forget to factor your balance transfer fee into the new balance on your card. This fee can be anywhere from 3 percent to 5 percent of your transferred balance, depending on the card.
Most balance transfer cards charge balance transfer fees of 3 percent to 5 percent of your balance. So, if you transfer $5,000 to a balance transfer card, you could pay an extra $150 to $250 in fees.
Key takeaways. When you transfer a balance to a new card, the old card’s balance will read as $0 unless you have pending purchases or are unable to transfer the full amount.
A balance transfer credit card can help you pay off your debt faster and save money on interest, but it may not be the right move for everyone. Balance transfer credit cards offer advantages ...
As long as you follow the rules of smart balance transfer behavior, these products can work to your advantage. Balance transfer credit cards with 0 percent intro APR periods are among the most ...
A few credit card issuers also offer balance transfer checks, which give you the option to complete your transfer with a paper check instead of requesting a balance transfer online or over the phone.
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
A credit card balance transfer is the transfer of the outstanding debt (the balance) in a credit card account to an account held at another credit card company. [1] This process is encouraged by most credit card issuers as a means to attract customers. The new bank/card issuer makes this arrangement attractive to consumers by offering incentives.