Credit Card Balance Transfer - Multiple Credit Cards

Have you accumulated debt on a high interest credit card? Are you tired of paying an outrageous amount in interest every month? If so, transferring the balance to a card with a lower interest rate may be the best step you can take at the present time.

Tip: this is also a great way to consolidate debt that spans several credit cards.

Before you make this big decision, there is one thing you need to think about: the fee.

In a perfect world, you’d be able to transfer your balance to a zero percent interest credit card without paying any fee. Unfortunately, this is not how the industry works.

Regardless of the offer you select, you’ll be charged a balance transfer fee. This is nothing more than a percentage of the total amount of money you’re transferring to the new credit card.

Note: transfer fees are not typically capped.

How much can you expect to pay? While the balance transfer fee can differ from one offer to the next, this is typically set at three percent. So, if you transfer $50,000 from another card, you will pay a $1,500 fee.

With that in mind, you now need to decide if this still makes sense. The best thing you can do at this point is compare the cost of the fee to how much you will save in interest. If you can still make out in the long run, it’s probably time to move forward.

Before you decide in favor of a balance transfer credit card, you need to better understand the fee structure. This will help you make an informed decision that will improve your financial situation, as opposed to adding another challenge.

Do you have any experience with balance transfer credit cards? Share your thoughts and advice in the comment section below.


Having trouble finding a balance transfer card? We would love to show you more balance transfers, however banks control which cards are allowed on certain pages. We recommend that you view balance transfer credit cards at CreditWeb for more options.

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