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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
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 ...
For example, if you were to transfer $10,000 in credit card debt to a balance transfer card, your fee might be 3 percent of your balance ($300) or 5 percent of your balance ($500) depending on the ...
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. ... if you transfer a $1,000 balance to a balance ...
Most balance transfer credit cards charge between 3 percent and 5 percent, which means you’ll pay between $30 and $50 in fees for every $1,000 you transfer. ... so it’s important to consult ...
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.