What is a balance transfer fee?
A balance transfer fee is a charge that is associated with transferring a balance from one credit card to another. This fee is usually calculated as a percentage of the total balance that needs to be transferred. In the state of Tennessee, the maximum balance transfer fee that can be charged is 4%. This means that if you transfer a balance of $1000, the most that a credit card company can charge is $40. Balance transfer fees can be a great way to save money on interest charges if you are trying to consolidate debt, but it is important to pay attention to the fine print and understand the fees associated with the transfer. Balance transfer fees are just one of the many fees regulated by state and federal credit card laws designed to protect consumers. It is important to familiarize yourself with all of the fees and charges associated with your credit card to ensure you are taking full advantage of the services it offers.
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