In reviewing your account statement, you see a Balance Transfer Fee. Based on the information you see in the statement, what would be the fee if you transferred $3,000 from another credit card?

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Business

Felix Novak

18 April, 03:08

In reviewing your account statement, you see a Balance Transfer Fee. Based on the information you see in the statement, what would be the fee if you transferred $3,000 from another credit card?

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Answers (1)

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Jamison Michael · Answer 1

Their will be no additional charge if the balance is transferred to credit card with lower interest charged and vice versa.

Explanation:

The debt owed will remain the same except their is only one benefit of transferring the balance which is that if the balance transferred is to a credit card which charges lower interest rate then all we have saved is that incremental interest rate difference. So this means if the transfer is made to a credit card with lower interest rate charge then their would be no additional charge the person will pay and vice versa.