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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.
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 ...
When I performed my balance transfer with the Citi Simplicity® Card* for $4,000, I had a balance transfer fee of $200 and an intro APR period of 21 months. So I divided $4,200 by 21 months and ...
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.
The best balance transfer credit card you choose could offer more than a 0 percent intro balance transfer APR. It may also offer better overall benefits — possibly including cash back, rewards ...
Many balance transfer cards put a time limit on qualifying balance transfers. For example, the 0% intro APR may only apply to balance transfers made in the first 60 or 120 days.
Money tip: You can’t always transfer up to your full credit limit. Some issuers will cap the amount of your credit limit you can use for balance transfers. Let’s consider this example: Credit ...
3. Making a late payment on the new card. When agreeing to a balance transfer card, you are also consenting to the issuer’s terms and conditions.