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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 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
Balance transfer fee. Most balance transfer cards charge balance transfer fees of 3 percent to 5 percent of your balance. So, if you transfer $5,000 in debt to a balance transfer card, you could ...
The process of a balance transfer can usually be concluded within hours. Automated services facilitate balance transfers between card issuers. Balances cannot be transferred between cards with the same bank. A transaction fee is a one-off commission charged by the company that receives the balance. This varies from (typically) 1-5% of ...
All Discover cards come with no annual fee and no foreign transaction fees. ... 24.74 percent or 29.99 percent variable APR thereafter), with a balance transfer fee of 5 percent, minimum $5. ...