Chip Lupo, Credit Card Writer
@CLoop
The PenFed Power Cash Rewards Card balance transfer fee is 3%. The balance transfer fee on the PenFed Power Cash Rewards Card 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 good for balance transfers, as it offers an introductory APR 0% for 12 months on balance transfers made in the first 90 days. For reference, the average balance transfer card offers low interest for 13 months and charges a transfer fee of 2.63%. But keep in mind that an APR of 17.99% will apply to the balance after the intro period ends.
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 take all factors into consideration using WalletHub’s Balance Transfer Calculator.
PenFed Power Cash Rewards Visa Signature® Card
PenFed Power Cash Rewards Visa Signature® Card
People also ask
How do you do a balance transfer?
The best way to do a balance transfer is to apply for a new credit card with a low balance transfer APR and low fees. If your balance transfer credit card application is approved, the new card’s issuer will pay your original creditor for the amount transferred. You will then owe that amount, plus a balance transfer fee of 0% - 3%, to the balance transfer card’s issuer. If you repay the full amount of your balance...
read full answerIs 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...
What is a balance transfer APR?
A balance transfer APR is the interest rate an issuer charges on debts moved to a credit card from another loan or card. Many balance transfer offers include an introductory 0% APR that lasts for a specified number of months, usually 6 to 21 months.
Once an introductory balance transfer APR expires, any remaining balance accrues interest at the card’s regular balance transfer APR. This interest accrues daily, and it is calculated by multiplying the day’s...
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