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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.
Erik J. Martin. November 27, 2024 at 3:01 PM ... which makes the balance transfer credit card a valuable tool for becoming debt-free. When more of your monthly payment goes towards the principal ...
A balance transfer can be a great step toward debt management, and the best balance transfer credit card for you depends on the amount of debt you have and how quickly you’re able to pay it off.
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 balance transfer card can be a powerful tool to get out of debt. This type of credit card has a 0% intro APR on balance transfers, giving you time to pay what you owe interest-free.
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 ...
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