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Compare it to the average credit card interest rate right now, which is above 20 percent. Fees. Balance transfer fees are typically 3 percent to 5 percent of the transfer amount.
Debt to pay off. Monthly payments. Time to pay off. Interest/fees paid. Card with 15-month intro APR offer. $5,150 (principal balance + BT fee) $300. 17. $150 BT fee, $12.23 in interest
2. Make more frequent payments. You can reduce the interest you pay on credit card debt by making multiple payments on your balance each month. Taking this step reduces your average daily balance ...
In late 2021, the average interest rate for a credit card was about 14.51%. ... fee harvester cards, and deferred interest products were still major concerns in the credit card market ...
Interest rates vary widely. Some credit card loans are secured by real estate, and can be as low as 6 to 12% in the U.S. (2005). [citation needed] Typical credit cards have interest rates between 7 and 36% in the U.S., depending largely upon the bank's risk evaluation methods and the borrower's credit history.
“Credit card interest is very high at present, with rates from 18 percent to as high as 27 percent. Banks are allowed to charge high interest because credit card charges are unsecured loans.