What are the hidden fees when transfering a balance from one credit card to another credit card which as a low

Question

I am looking into transfering to lower interest rate credit card but I am worried about hidden fees. Are there transfer fees? and are these applies for extended period?

Answer 1

There is usually a transfer fee of between 3-4% but read carefully it could be even more. Also over limit fees if you transfer up to your credit limit the fees can put you over your limit. Also make sure you aren't a minute late or dollar short on payments and pay it all off before the end of the low fee.
They will apply any payment to the lowest interest debt first so if you have a fee it will be paid last after you repay the low interest loan.
They are hoping you mess up and don't pay it off on time so they can go back to the beginning and charge you a default rate retroactive and they got their transfer fee.

Answer 2

Gone are the days with 0% APR's on balance transfers. The feature was misused so much that credit card companies thought it best to revoke these offers. The reason could be the loss of revenue to credit card companies but this habit of transferring balances frequently and avoiding the debt repayment was increasing the volume of credit card debt. Balance transfer is a good practice if done with caution and restraint.

Blue Cash from American Express®

This credit card issued by the credit card giant American Express has No annual fee. Coming to balance transfers, the Blue Cash from American Express has a low balance transfer rate. The APR for balance transfer is 4.99% fixed for the life of balance. Another good feature of the Blue Cash from American Express is that it is a 0 Intro APR credit card. It has a 0% intro APR rate for 6 months. The reward program of Blue Cash from American Express gives Up to 5% Cash Back with Unlimited Cash Rewards. This entitles the credit card holder to earn an unlimited cash back on his spendings. Apply online at: http://www.credit-card-gallery.com/American_Express.html

Answer 3

Watch out for two things:

1. What the "go-to" APR is after the introductory period is over.

2. Whether or not the credit card will charge a "balance transfer fee" on the transfer transaction.

Read this for more info...
http://www.e-wisdom.com/credit-cards/balance-transfer-credit-cards.html#balance-transfer-fees

Answer 4

each and every thing that changes any advice on your report impacts your credit. as long as you probably did no longer open a sparkling account for the stability pass, it is going to no longer have numerous an result. Your finished debt, debt to credit ratio and form of debt all stay the comparable. establishing a sparkling account would have a destructive result on your score, however the quantity won't be able to be desperate withhold seeing your finished report.

Answer 5

All companies are different and have different fees; you will have to read the fine print ot call a rep to find out what their fees are.

Answer 6

Read the fine print very carefully...that will tell you everything...and hold on to the paper to prove the terms if you have to