Balance transfer fee:You pay this upfront fee to transfer the debt to your new card. Most balance transfer cards charge around 3% (or $30 for every $1,000) transferred, but it can run as high as 5%. If you're not sure if transferring the debt will make financial sense once you've...
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.
BalanceTransfers.com provides balance transfer credit card commentary to help you save on credit card debt. Learn about 0% APR credit card transfers.
For example, the ESL Visa Credit Card from ESL Federal Credit Union has no balance transfer fee, charges no annual fee and has a 0% APR on transfers for 12 months. But to qualify for the card, you must be a member of the credit union — and membership is limited to residents in 10...
If your chosen credit card has a balance transfer fee, you'll need to add that to the total amount you want to transfer. Here's an example: Let's say you want to transfer $5,000 to a new card. If the fee is 3%, you'll pay an additional $150 to transfer your debt (5,000 ...
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...
Read up on the latest advice and guides from the Bankrate team all about balance transfers. We'll help you find the best card, execute a successful balance transfer, and get educated on everything you need to know.
Transfer a balance What do I need before I make a balance transfer? Make sure you have the card details you want to transfer to hand, as you’ll need to tell us the long number from the front. Check the cards you want to transfer have the Mastercard®, American Express® or Visa...
balance transfer fee - a fee charged by a credit card company to transfer a balance from one account to another. this fee can be anywhere from 1%-5% of the balance amount. however, many credit card companies do not charge this fee. contact the credit card issuer for their specific fees....
Let’s say you transfer $5,000 to a new credit card with a 0% introductory rate for 18 months. The balance transfer fee is 3%, which is $150. So, your total balance is $5,150. To pay that off in 18 months and avoid interest charges on your balance transfer, you’d need to ...