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Most credit card issuers charge a balance transfer fee upfront. Usually it’s the greater of a percentage of the debt or a flat fee. For example, 3% of the balance or $20, whichever is higher.
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 ...
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.
Although no annual fee cards save you from an annual charge, be aware of other potential fees, such as: Foreign transaction fees : Some cards charge a fee (typically 2-3%) on international purchases.
You can capitalize on the perks of a new 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 ...
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