What is a credit card balance transfer fee?

by jaylin.bartell , in category: Banking and Credit , 9 months ago

What is a credit card balance transfer fee?

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1 answer

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by jaron , 9 months ago

@jaylin.bartell 

A credit card balance transfer fee is a charge imposed by credit card issuers when you transfer your outstanding balances from one credit card to another. The fee is usually a percentage of the balance being transferred and is added to the new credit card's balance. This fee can range from 3% to 5% of the transferred amount, or it may have a fixed amount. The purpose of this fee is to cover administrative costs and profit for the credit card issuer.