BT help please

[Skye12329]

So currently im confused on how the BT works. I am thinking about having my debt converged into 1 card. However it does have a BT fee. Not sure how much but how does it work. Do i have to pay the fee on both cards?
Is it a % of the total amount transffered?
When would it report 0 if that balance was transffered?

[gdale6]

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@Skye12329 wrote:
So currently im confused on how the BT works. I am thinking about having my debt converged into 1 card. However it does have a BT fee. Not sure how much but how does it work. Do i have to pay the fee on both cards?
Is it a % of the total amount transffered?
When would it report 0 if that balance was transffered?

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The fee is only charged on the card that you are transferring the balance to. If you are moving say 5K from 3 cards and there is a 3% fee then it will be $150 to transfer the 5K. If you completely pay off a card with the balance transfer then that paid off cards balance will report as 0 as long as there are not addl interest charges to be posted and you do not make new charges on it. Be advised most lenders will add the BT fee to your payment on the next statement that gets generated.

[Skye12329]

Alright so let me understand this better. Would the fee be charged on the card recieving the balance or the card that sent  the balance. What i mean is 

Card 1 transfers $150 to card 4

Card 2 transfers $700 to card 4

Card 3 transfers $700 to card 4

Would card 4 be the card recieving the BT fee? Not cards 1,2,3? If i did the BT above that would wipe out those cards would they report at 0 after the statements cut for those?

Currently thinking about BT to my Chase freedom since i have 0% interest for the 15 mos. Not sure what the BT rate for it is though.If that helps.

[Creditaddict]

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@Skye12329 wrote:

Alright so let me understand this better. Would the fee be charged on the card recieving the balance or the card that sent  the balance. What i mean is 

Card 1 transfers $150 to card 4

Card 2 transfers $700 to card 4

Card 3 transfers $700 to card 4

Would card 4 be the card recieving the BT fee? Not cards 1,2,3? If i did the BT above that would wipe out those cards would they report at 0 after the statements cut for those?

Currently thinking about BT to my Chase freedom since i have 0% interest for the 15 mos. Not sure what the BT rate for it is though.If that helps.

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Chase would add 3% to those amounts you transfer and you have 0% for 15 months bt too

[injustifiiable]

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@Creditaddict wrote:

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@Skye12329 wrote:

Alright so let me understand this better. Would the fee be charged on the card recieving the balance or the card that sent  the balance. What i mean is 

Card 1 transfers $150 to card 4

Card 2 transfers $700 to card 4

Card 3 transfers $700 to card 4

Would card 4 be the card recieving the BT fee? Not cards 1,2,3? If i did the BT above that would wipe out those cards would they report at 0 after the statements cut for those?

Currently thinking about BT to my Chase freedom since i have 0% interest for the 15 mos. Not sure what the BT rate for it is though.If that helps.

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Chase would add 3% to those amounts you transfer and you have 0% for 15 months bt too

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3% or $10...whichever is greater...usually.

The Slate is a better BT card since they waive the transfer fees for the first couple months the account is open.