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Why do credit card company's charge to trasnfer ? Sometimes up to $75. |
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Date:
September 20, 2007, 6:28 pm |
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Why do credit card company's charge to trasnfer ? Sometimes up to $75. |
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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. It is the decision of lender whether to charge this fee or not, we can't account for their decision. Some issuers though don't charge this fee, for example American Express on Blue, IN:NYC, IN:LA and IN:CHICAGO. |
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