Credit card companies love to hide details in the fine print.  However, all companies are required to fully and clearly disclose all rate and fee information to applicants.

When you’re getting ready to apply for a balance transfer card, there is one very important disclosure to look for:  the balance transfer fee.  While different credit cards disclose this information in different ways, you will generally find information on balance transfer fees in the “Other Fees” section of the terms and conditions.

Once you’ve located this section, carefully review the specifics.  In total, there are three different possible fee structures.  The best, and most difficult to find, is a statement that there are no balance transfer fees. 

The most common balance transfer fee disclosure generally states, “ BALANCE TRANSFER TRANSACTION FEE: 3.0% for each balance transfer made under this offer, with a minimum of $10 and a maximum of $75.”

Notice that a maximum fee is clearly stated.  The third possible fee disclosure will look very similar to the one cited above.  However, there will be no notice of a maximum fee.  If there is no stated maximum fee, you will be charged a full 3% of the balance you transfer.  This means that a $10,000 balance transfer would cost $300, as opposed to $75.

If possible, we recommend finding a credit card that charges no balance transfer fees.  We list every available no fee balance transfer offer on our website.  If you cannot get approved for a no fee balance transfer card, we strongly encourage you to avoid a credit card that does not cap the maximum fee at $75.