What do you think about paying a 3%fee for transferring...

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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jodyangel
 
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What do you think about paying a 3%fee for transferring...

Postby jodyangel » Fri Feb 19, 2016 12:51 am

So I'm looking to dump a few high APR cards onto a card that will actually allow me to pay the cards OFF.
I see a few that are 0%APR for long periods and 0% transfer fee. Then I see alot with 3-4% transfer fee. I suck at math or I'd be able to figure out what 3% of $8,000 is sorry!!


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Vattené
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Re: What do you think about paying a 3%fee for transferring...

Postby Vattené » Fri Feb 19, 2016 11:12 am

That'd be a $240 transfer fee ($8,000 * .03).

Is $8,000 the total debt across all cards you would like to transfer? You would only be able to do that if you get approved for an $8,000 credit limit on the new card. Even if you can't transfer the full $8,000, it still might be worth it to transfer what you can; it's just an important factor to consider.
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

takeshi
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Re: What do you think about paying a 3%fee for transferring...

Postby takeshi » Fri Feb 19, 2016 1:13 pm

What I anyone else thinks doesn't really matter. What you need to do is calculate what you'd pay in interest versus the BT fee (and Applicable AF if you can't pay it off in time) and compare. There are online calculators for these things even if you can't do the math. However, he BT fee is very easy as indicated above.

jodyangel wrote:I see a few that are 0%APR for long periods and 0% transfer fee.

If you already have high revolving utilization then don't count a new card for a balance transfer.

Vattené wrote:Is $8,000 the total debt across all cards you would like to transfer? You would only be able to do that if you get approved for an $8,000 credit limit on the new card.

Though you don't want to max a card. The revolving utilization on a card matters even with a 0% offer.



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