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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
In this example, you would pay a total of $5,946 over 20 months in order to pay off the card at its regular rate. On the other hand, transferring your debt to the balance transfer card allows you ...
To calculate what monthly payment to aim for, use Bankrate’s credit card payoff calculator. ... I had a balance transfer fee of $200 and an intro APR period of 21 months. So I divided $4,200 by ...
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.
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.
Don’t forget to factor your balance transfer fee into the new balance on your card. This fee can be anywhere from 3 percent to 5 percent of your transferred balance, depending on the card.
Most balance transfer credit cards charge between 3 percent and 5 percent, which means you’ll pay between $30 and $50 in fees for every $1,000 you transfer. Balance transfer checks can have ...
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