What is a balance transfer fee?
A balance transfer fee is a fee that is charged to a credit card holder when they transfer a balance from one credit card to another. This fee is usually a percentage of the total balance being transferred. In Florida, the law states that the fee must be disclosed prior to the transfer being made. It must also be reasonable and not unreasonably high. The fee amount can vary from one credit card issuer to another, so it is best to compare fees before making a balance transfer. Most balance transfer fees range from 3 to 5 percent of the balance being transferred, however, some credit card issuers will waive the fee if the balance is transferred within a certain amount of time. It is important to research and compare fees and terms before making any balance transfers.
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