Cameron DiGiovanni, Writer
@cdigiovanni20
The average balance transfer fee for credit cards is 2.63%. A balance transfer fee is a charge that a cardholder typically must pay when they transfer debt to a credit card. This charge is usually a small percentage of the transaction amount or a small fixed cost, whichever is higher. For large transfers, the percentage fee will almost always be higher, since the fixed cost is usually only $5 or $10.
According to WalletHub data, the average balance transfer fee has fluctuated between 2.5% and almost 3,10% over the past 10 years. That said, people who need to minimize the cost of existing debt can see if a credit card with no balance transfer fee is available, in addition to comparing cards with 0% intro balance transfer APRs.
To determine which card will best suit your needs, compare your potential savings using WalletHub’s balance transfer calculator.
People also ask
Is it a good idea to do a balance transfer?
Yes, it is a good idea to do a balance transferif you need multiple months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card deal. Most balance transfer cards require a 700+ credit score, and most also have high regular APRs, making it important to repay what you owe before the 0% period ends.
What you should know before making a balance transfer:
- You generally need...
Can a balance transfer fee be waived?
The best way to get a balance transfer fee waived is to apply for a credit card with no balance transfer fee, whether that fee is waived permanently or for a limited time. Some of the best balance transfer credit cards waive their balance transfer fee for the first 60-365 days the account is open. For example, the Union Bank® Platinum™ Credit Card waives its usual 3% ($10 min.) balance transfer fee for transfers requested within 60 days of...
read full answerDo 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...
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