Balance Transfer Fee? What It Really Is

April 1, 2024 By: Anna C. - CreditMonarch Online Writer01 comments

^{Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.}

Are you accumulating some debt and are wondering about doing a balance transfer? First off, what is a balance transfer? A balance transfer is a way to ask a lender to pay off your debt to another lender. In order to take advantage of a low or zero introductory APR, balance transfers involve transferring a balance from an existing card with one issuer to a new card. In many cases, it is impossible to transfer a balance between two cards issued by the same card provider.

Now we can go on about the balance transfer fee. So what is a balance transfer fee? When transferring balances with a credit card, a transfer fee is typically required. This is typically around 3% of the balance transferred, although it can be lower or even not charged at all.

Balance transfers can help get you some debt relief. We suggest the balance transfer credit cards below as they can give you up to six, twelve, fifteen or even eighteen months of relief with 0% interest rates. Instead of paying money towards interest rates and feeling like you’re in a never-ending debt, get a balance transfer credit card and have your hard-earned money go towards the principal balance of your debt.

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