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In this example, you would pay a total of $5,946 over 20 months in order to pay off the card at its regular rate. On the other hand, transferring your debt to the balance transfer card allows you ...
A balance transfer is when you move your balance from one credit card to another offering a lower or 0% annual percentage rate (APR) for a set period of time, usually six months to up to two years ...
6. Neglecting the fee in your analysis. Almost all balance transfer credit cards involve an initial balance transfer fee.The credit card issuer that inherited your debt from another account will ...
The balance transfer fee may also depend on when you make your balance transfers. Some cards charge an intro balance transfer fee of 3% for transfers made in the first 60 or 120 days. After that ...
At that point, Card B’s balance is cleared out — but Card A has $1,000 added to its balance (plus any associated balance transfer fees) since you just used a balance transfer check to borrow ...
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%.
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.
Credit card interest rates make it expensive to carry a balance, but a balance transfer can ease the pain. Find out how it works and how to get started.