How is the balance transfer fee calculated?


by olen , in category: Banking and Credit , a year ago

How is the balance transfer fee calculated?

Facebook Twitter LinkedIn Telegram Whatsapp

1 answer

by roderick_marquardt , a year ago


The balance transfer fee is typically calculated as a percentage of the total balance being transferred. The percentage can vary depending on the credit card provider, but it is usually between 3% and 5% of the transferred amount. For example, if you transfer $1,000 and the fee is 3%, you would be charged a balance transfer fee of $30. Some credit cards may also have a minimum or maximum fee limit. It is important to review the terms and conditions of your specific credit card to understand the fee structure.