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Balance transfer fee guidelines have changed beginning in 2007 and into 2008. Most creditors still have either a 3 or 4% balance transfer fee with a minimum of $5.
However, there is no longer a maximum charge on balance transfer among most credit card issuers. This means that a balance transfer on a $10,000 offer could cost you $300 or more as a balance transfer fee.
Furthermore, this balance transfer fee is often added into the next month's payment. This could cause this payment to be $300 higher than what you were expecting, which could make it hard to make the required minimum payment. Of course, if you miss that minimum payment, expect to see your interest rates skyrocket!
What else can I help you with?
Are there any credit cards which have no balance transfer fees?
There are plenty of credit cards that offer no balance transfer fees. Some common examples are the City Simplicity Card, Discover It, and the Capital One Platinum Prestige Credit Card.
What are the advantages of a credit card free balance transfer?
There are many advantages to a credit card free balance transfer. With this option, one has the ability to save tons of interest with no fees or sometimes very little fees.
Is it possible to transfer a business credit card balance to a personal credit card?
Yes, it is possible to transfer a business credit card balance to a personal credit card, but it is important to check with both credit card companies for their specific policies and any associated fees.
What are balance transfer rates normally used for?
Balance transfer fees are charged on credit cards for sending money from one credit card to another. These fees have a big impact on how much you can save.
How can I transfer funds from my credit card to my bank account?
To transfer funds from your credit card to your bank account, you can typically do a balance transfer or use a money transfer service. Check with your credit card company for specific options and fees involved in the transfer process.
Are there any credit cards which have no balance transfer fees?
There are plenty of credit cards that offer no balance transfer fees. Some common examples are the City Simplicity Card, Discover It, and the Capital One Platinum Prestige Credit Card.
What are the advantages of a credit card free balance transfer?
There are many advantages to a credit card free balance transfer. With this option, one has the ability to save tons of interest with no fees or sometimes very little fees.
Is it possible to transfer a business credit card balance to a personal credit card?
Yes, it is possible to transfer a business credit card balance to a personal credit card, but it is important to check with both credit card companies for their specific policies and any associated fees.
What are balance transfer rates normally used for?
Balance transfer fees are charged on credit cards for sending money from one credit card to another. These fees have a big impact on how much you can save.
How can I transfer funds from my credit card to my bank account?
To transfer funds from your credit card to your bank account, you can typically do a balance transfer or use a money transfer service. Check with your credit card company for specific options and fees involved in the transfer process.
Which of the following is not a credit card perk?
balance transfer (apex)
How can I initiate a balance transfer to someone else's card?
To initiate a balance transfer to someone else's card, you typically need to contact your credit card company and provide the recipient's card information. The credit card company will then process the transfer, moving the balance from your card to the recipient's card. Be sure to check for any fees or restrictions before proceeding with the transfer.
What is a balance transfer on a credit card?
A balance transfer is when you payoff what you own on one credit card, with another credit card or loan.A "balance" is what you owe.Usually balance transfers are done when another credit card company offers you a lower interest rate.Before you do a balance transfer, make sure there are NO FEES associated with it.Answer:Most of the companies offer balance transfer from old card to new that they offer to attract the customer to their product. they even provide the grace period to pay back the balance to the lender.
Where can one find a credit card with no balance transfer fee?
One would start by asking his local banking operation for such a credit card. Failing that, one could look into acquiring prepaid credit cards that have no balance transfer fees.
Is it possible to transfer money from a credit card to a debit card?
Yes, it is possible to transfer money from a credit card to a debit card through a process known as a balance transfer. This allows you to move funds from your credit card to your debit card, but it may involve fees and interest charges.
What does no balance transfer fees mean exactly?
An individual may wish to transfer the balance of one credit card onto another. This is generally done when an offer on the original credit card is ending, or if the APR is higher than the new card. Often when doing this, the new credit card company may charge a fee, generally 1-5% of the balance transfer. When it says no balance transfer fee, it means there is no extra charge for a balance transfer.
What is the best way to do a credit card balance transfer?
Before you transfer your balance, read the fine print on your credit card agreement. Some agreements charge fees for balance transfers. After you have read the agreement and understand the possible charges you may face, gather all the necessary information about the card you want to transfer the balance from, call (or perhaps go online) the credit card company you wish to transfer your balance to, give them all the necessary information, and transfer your balance.
