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Erik J. Martin. November 27, 2024 at 3:01 PM ... In addition to a handful of balance transfer cards offered by major issuers, some credit unions also offer cards with no balance transfer 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 ...
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
At that point, Card B’s balance is cleared out — but Card A has $1,000 added to its balance (plus any associated balance transfer fees) since you just used a balance transfer check to borrow ...
There's normally a balance transfer fee, which is charged by the card that receives the transfer. The standard amount is 3% to 5%. On a $5,000 transfer, the balance transfer fee will likely be ...
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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