As it became more and more apparent that the Coldwater, under my seamanship, was weathering the tempest and giving promise of pulling through safely, I could have sworn that I perceived a shade of annoyance and disappointment growing upon his dark countenance.
Definition. A charge incurred when switching the outstanding amount due from one credit card account to another. A balance transfer fee increases the cost involved in shifting credit card balances, and such fees can range from between two and four percent of the balance transferred, or they can be a flat charge.
You decide to do an 18 month balance transfer with a 3% fee. So, you pay a $300 fee up-front. That fee may sound scary ($300 is a lot of money), but, during the next 18 months, you would have paid $2,758 of interest. You will be savings $2,458 over 18 months.