WalletHub recently published an article featuring insight from Pearl Steinbuch, Senior Lecturer of Markets, Public Policy, and Law. Pearl spoke on “no balance transfer fee” credit cards and what consumers should consider most when selecting a credit card.
I think that many people focus on the promotional 0% APR, more than the balance transfer fee. However, consumers must realize that if there is a balance transfer fee, then the effective rate of the promotion is not actually 0%. For example, if the balance transfer fee is 5% then you are paying 5% of your entire transferred amount, which is added to your balance upfront.