For instance, if you transfer $10,000 and the fee is 3%, you would pay a one-time cost of $300.Īlso, keep in mind that while some balance transfer credit cards offer a 0% introductory APR for a set period (usually around 12 to 18 months), if you don’t pay off the transferred balance within that period, you will start accruing interest at the card’s standard rate. Most credit card issuers charge a balance transfer fee that typically ranges from 3% to 5% of the amount being transferred. ![]() How much does it cost to do a balance transfer? If you are looking to make a large purchase, check out our list of Best 0% APR cards. 0% APR on purchases allows you to finance a large purchase for a longer period of time without interest. What is the difference between 0% APR on purchases and a balance transfer?Ī balance transfer happens when you take the balance from a higher-interest loan and transfer it to a card with a lower interest rate. Learn more about how balance transfers work. Cardholders generally choose to transfer a balance in order to consolidate high-interest credit card debt and reduce the amount of interest being accrued, allowing them to save money and pay off the balance faster. In order to attract new business, some cards may even offer an introductory 0% APR on balance transfers. What is a balance transfer?Ī balance transfer involves moving the outstanding balance from one or more credit cards to another credit card, usually with a lower interest rate. ![]() Members of the Bank of America Preferred Rewards program enjoy many other exclusive benefits and pricing discounts as well. Preferred Rewards members earn 25%-75% more cash back on every purchase, which translates to a cash back rate of 1.87% to 2.62%.
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