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.
For more information, check out WalletHub’s balance transfer guide.