Chip Lupo, Credit Card Writer
@CLoop
The Blue Cash Preferred balance transfer fee is 3% (min $5). The balance transfer fee on the Blue Cash Preferred is assessed when an eligible debt is moved to the card, and the fee amount will be automatically added to the balance.
This credit card is decent for balance transfers, as it offers an introductory APR of 0% for 12 months, which can save you money on interest. For reference, the average balance transfer card offers 0% interest for 13 months and charges a balance transfer fee of 3.34%. But keep in mind that a regular APR of 19.74% - 28.74% (V) will apply to your Blue Cash Preferred balance after the intro period expires.
There are very few credit cards without a balance transfer fee, so you shouldn’t rule out a balance transfer card simply because of the fee. Instead, you should use WalletHub’s balance transfer calculator and take all factors into consideration.
Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
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People also ask
How can you negotiate a balance transfer fee?
To negotiate a balance transfer fee, call the credit card issuer’s customer service number before you apply for the card and make your case. People with a good, long-standing relationship with the issuer and a credit score that exceeds the card’s approval requirements will have the best chance of getting the fee waived.
Negotiating for a lowered or waived balance transfer fee may save you hundreds of dollars, but it’s more likely to be...
read full answer by Cameron DiGiovanni, WriterDo balance transfers hurt your credit?
Yes, balance transfers do hurt your credit when you open a new credit card account to do the transfer. Applying for a balance transfer credit card will generate a hard inquiry on your credit report, causing a slight dip in your credit score.
If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you...
read full answer by WalletHub, Financial CompanyCan I transfer a credit card balance to a bank account?
You can’t transfer a credit card balance to a bank account because the balance on your credit card is a debt. If you want to transfer your credit card balance to another credit card, however, you can do that with a balance transfer. You can also transfer available credit from a credit card to a bank account by doing a cash advance.
A cash advance is when you get cash from a credit card, usually at an...
read full answer by WalletHub, Financial CompanyDid we answer your question?
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