000—about $167 per month. Suppose a credit card issuer offers you a promotional interest rate of 2% for an introductory period of 12 months, with a balance transfer fee of 1%. If you take that deal, the total cost of moving the entire $10,000 is ...
However, while a balance transfer credit card can help you become debt-free, it almost always comes at a price — typically, in the form of balance transfer fees. Although you should consider thepros and consof a balance transfer fee prior to applying for a new balance transfer card, remem...
Is a balance transfer fee worth it? If you have a significant amount of credit card debt, the 3% balance transfer fee (or sometimes even a 5% fee) is absolutely worth paying when transferring your balance to a card that has a 0% intro APR offer, but onlyif you still need time to pa...
A balance transfer fee is the price you pay to move a debt from one creditor to another. The fee may be worth paying if you’re transferring debt to a lender that charges a lower interest rate.
Balance transfer example 1 Say you have a $5,000 balance that you plan to transfer to theDiscover it® Cash Back Card. To do so, you’ll pay a 3% balance transfer fee. To find the fee, you multiply $5,000 by 0.03 to get $150 and add it to the original amount. So once the...
You may be charged a balance transfer fee Your balance transfer fee is usually worked out as a percentage of the balance you’re moving across. If you make multiple balance transfers, you’ll likely be charged for each one. You’ll also pay interest, depending on your rate ...
There is an intro balance transfer fee of 3% ($5 minimum) when you transfer the balance from your old card within four months ($180), after the intro period, the balance transfer fee goes up to 5% ($5 minimum). You continue paying $300 per month and eliminate the debt in 21 months...
, you'll probably be better off leaving it on the current card. That's because balance transfers incur a balance transfer fee of 3% to 5% of the amount you transfer (more on that later). The interest you save on a short-duration transfer might actually be less than the transfer fee....
transfer, carefully review the terms and conditions associated with the selected Capital One credit card. Pay close attention to the balance transfer fee, promotional interest rate duration, and any annual fees to ensure a clear understanding of the potential costs and benefits of the transfer. ...
It’s important to note that a balance transfer fee is typically considered a part of your transferable balance, making your “true” limit slightly lower than you may have expected unless you have one of the best cards with no balance transfer fee. If you have a card with a $5,000 bal...