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Erik J. Martin. November 27, 2024 at 3:01 PM ... make a plan using Bankrate’s credit card balance transfer calculator to determine the monthly payment amount that will help you reach your goal. ...
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.
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.
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
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 ...
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 ...
A balance transfer can be a great step toward debt management, and the best balance transfer credit card for you depends on the amount of debt you have and how quickly you’re able to pay it off.
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 ...
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