Adam McCann, Financial Writer
@adam_mcan
It costs $30 to $50 in fees to transfer a $1,000 balance to a credit card in most cases, as balance transfer fees on credit cards usually equal 3% to 5% of the amount transferred. Some credit cards have no balance transfer fee, but it’s rare to find one that also has a 0% introductory APR on transfers.
Common Fees for a $1,000 Balance Transfer to a Credit Card
- 0% balance transfer fee: $0
- 3% balance transfer fee: $30
- 4% balance transfer fee: $40
- 5% balance transfer fee: $50
The average balance transfer fee is 3.34%, according to WalletHub’s balance transfer guide.
Other Factors to Consider Before Transferring a Balance
Some issuers may charge a flat minimum fee on credit card balance transfers. For example, issuers may charge a minimum fee of $5 or $10 per transfer if the percentage amount is less than the minimum fee. That's unlikely to apply when you transfer a $1,000 balance, though.
The interest rate on the new card must be lower than the rate on the original card for the transfer to be worthwhile. Plus, the duration of any 0% interest rate promotion should be long enough for you to pay off the transferred balance in full before it expires.
You can use WalletHub’s balance transfer calculator to see how much a card’s terms will save you.
Popular Balance Transfer Credit Cards from Our Partners
-
0% for 21 Months from Account Opening
-
No Balance Transfer Fee
-
Cash Back
People also ask
What would be the fee if you transferred $3,000 from another credit card?
If you transferred $3,000 from another credit card, the fee to be paid would be $90. This is according to WalletHub’s guide on balance transfers, which states that most credit cards charge a 3% balance transfer fee. However, each credit card has its own fee structure, so it’s best to check your card agreement or contact your issuer directly to learn exactly how much you have to pay for transferring $3,000.
You can use WalletHub’s Balance Transfer Calculator to...
read full answer by John Miller, Credit Cards ModeratorIs there a fee for balance transfers?
Yes, there is typically a fee for balance transfers, usually around 3% of the transferred amount. This fee is automatically added to your new card’s balance when the transfer is processed, so you don’t need to make a separate payment - it will appear on your monthly statement.
Not all credit cards charge a balance transfer fee, but there may be trade-offs. A no-transfer-fee card might not offer a 0% intro APR period or could have a higher...
read full answer by John Miller, Credit Cards ModeratorIs a 3% balance transfer fee good?
A 3% balance transfer fee is a good deal when it is paired with a 0% balance transfer APR. Most credit cards with 0% balance transfer APRs have balance transfer fees of 3% to 5%, and you can still save a lot of money by reducing your interest rate even when there’s a fee.
Credit Cards With Balance Transfer Fees of 3% or Lower
When you initiate a balance transfer, the transfer fee...
read full answer by John S Kiernan, Managing EditorDid we answer your question?
Important Disclosures
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers. For full transparency, here is a list of our current advertisers.
Advertisers compensate WalletHub when you click on a link, or your application is approved, or your account is opened. Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.