A balance transfer fee is exactly what it sounds like: A fee charged for transferring debt from a loan or line of credit to a credit card. Most balance transfer credit cards have transfer fees. And these fees are typically listed as either a percentage of the amount transferred or a minimum dollar amount, whichever is higher.
The average balance transfer fee is just over 3% of the amount transferred, according to WalletHub’s latest Credit Card Landscape Report. But some cards charge as much as 5%. On the other end of the spectrum, some of the best balance transfer credit cards don’t have balance transfer fees.
It's just one more fee. In all fairness, if you transfer your balance to a new card, with an intro period, it makes sense they have to get something in return.
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