Run the numbers and make sure the balance transfer fee doesn't offset your interest savings, or look for a balance transfer card with a lower fee. For example, a $10,000 balance onto a card with a 5% balance transfer fee means you will repay $10,500. Most balance transfer credit cards require you to pay a balance transfer fee of 3% to 5% of the transfer amount. But a card with a shorter period that waives the transfer fee or offers more features could be a good option, too.īalance transfer fees. A longer promotional period gives you more time to pay off the balance. Your card's 0% APR introductory offer may vary from less than a year to almost two years. Confirm that the debt has been transferred before you stop making payments. Ideally, a balance transfer will go through within a few business days, but it could take several weeks. Plan for the balance transfer to take a few weeks.If you don't see the cutoff date for initiating or completing a transfer, call your issuer and ask so you don't miss the chance to benefit from a 0% APR. The balance transfer must be initiated or completed within a specified period to receive the introductory rate, usually 60 to 120 days from when you open your account. Sometimes, you can request a transfer when you submit your application, but the issuer might not process the request until you're approved and the card is in the mail. The steps you take to start a transfer vary by issuer, but once you're approved for the card, you can make the request by phone or online. Credit Cards With No Foreign Transaction Fee.

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