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For example, if you were to transfer $10,000 in credit card debt to a balance transfer card, your fee might be 3 percent of your balance ($300) or 5 percent of your balance ($500) depending on the ...
A balance transfer is when you move credit card debt from a card with a high interest rate to one with a lower interest rate—or even a card that offers a 0% APR for an introductory period of time.
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 ...
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 ...
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
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