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I would like to know about the balance transfer fees. How is the amount figured when it says $10... |
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Date:
August 28, 2007, 12:44 pm |
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I would like to know about the balance transfer fees. How is the amount figured when it says $10 or 3% fee will be added? Is that like 3% of your balance, lets say if the balance is $3000.00, will that be $90.00 or if it is $16,000 would that be $480.00? Are something like that, please help me to understand how much I would be paying upfront if I were to do a big transfer, that is just on one account. I notice that the 3% would be for each transfer that is submitted.
Thank You, this is very important to me. |
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Answer:
A balance transfer fee is a once-only fee that the credit card company charges you in order to transfer your balances from other credit cards to their credit card. Generally the best deals for balance transfers offer you 0% interest rate for a specified time (usually from 6 to 15 months). However you have to pay a "balance transfer fee", that is a fee some issuers charge to transfer the balance from one credit card to another. The amount of this fee depends on how much you are transferring. For example, this fee on Discover, Citibank and Chase deals amounts to 3%. Thus, a 3% balance transfer fee on a $1,000 transfer would cost you $30. You should also keep in mind, that the banks normally define the minimum and the maximum amount of balance transfer fee. For instance, on Discover this fee is min. $10 and max. $75. On deals from Chase and Citibank it is min. $5 and max. $75. So, as you can see, it is impossible that you will have to pay a fee of $90 or $480. Even if the balance that you are transferring is very high you will have to pay max. $75 or less. On our site you can compare all 0% balance transfer cards options properly, fill the application and submit it online. Mind that these cards are designed mainly for people with good or excellent credit history, so request your report before applying for a card. |
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