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Q: I am looking to transfer my balance for one card onto another card in order to consolidate. Is there a limit on how much I can transfer? Are there fees associated with doing this?
A: A balance transfer limit will vary depending on which type of card is being used; however, usually the fee is $75 or 3% of the balance being transferred, whichever is higher.
You may be interested to know that a few credit card companies have actually raised the amount that can be transferred for the $75 fee. $2500 or less will incur no more than $75; it is only those who are transferring more than $2500 that may pay the 3% charge. You can find out more information on the transfer fee for balances over $2500 by reading the fee disclosure section of the terms and conditions portion of a credit card application, and you should read these carefully.
If you’re not sure whether or not your credit card is one of those which have raised the amount that can be transferred for $75, look for words or phrases in the balance transfer fee disclosure section that specifically mention fees and their amounts. If you see these, then you can be fairly certain your credit card still has not raised the balance amount that can be transferred for only $75.
Now that you know that some credit card companies have the “$75 for $2500 or less” transfer fee, you may want to compare different cards to see which ones do. Then, you can pick the card that not only gives you a good deal on balance transfers but also on other things.[include file=/wp-content/themes/customtheme/rec-balance-transfer.php]