topic Re: How common or typical are 4% BT fees? in Credit Cards

How common or typical are 4% BT fees?

galahad15 — Wed, 31 Aug 2016 18:57:39 GMT

Does anyone know how common or typical it is for there to be a 4% BT fee associated with a BT offer? BoA is offering me a 0% BT promo until 3/2018 on one of my low-APR cards with them, which is certainly a very attractive offer at first glance, but the 4% BT fee could be expensive if I decide to take them up on their offer and depending on the specific amount I would be transferring. I also have a 12 mo. 0% promo offer from Chase, with a 2% BT fee. I guess I learned the hard way lol that these BT fees, although they look like small numbers on the surface, can become very costly, again depending on how much is transferred, so although you're saving money on the BT, you're still paying the BT fee up-front, which offsets the savings you would be receiving from the promo transfer.

Re: How common or typical are 4% BT fees?

ddemari — Wed, 31 Aug 2016 19:12:08 GMT

In my experience its fairly common. 5/3 sends me loads of b/t offers and they are 4%. Some of the US bank B/t offers I get are 4%.

Cap.1 usually sends me targeted b/t offers for 2%.

3% is the most common I see, but 4% isnt that out there.

Re: How common or typical are 4% BT fees?

wasCB14 — Wed, 31 Aug 2016 19:17:25 GMT

My Sallie Mae Rewards card has one BT offer: 4% fee, 22.24% APR, no 0% period. I PIF unless at 0%, and have cash in savings to PIF if suddenly necessary.

TU 08 (or whatever score it is they provide) was 775 on their last update. Go figure. They'll give me renewed 0% spend promos, but just silly BT offers.

Re: How common or typical are 4% BT fees?

austinguy907 — Wed, 31 Aug 2016 20:18:04 GMT

Standard is 3% for most lenders. Some are 4% as mentioned. Most CU's at this point are $0%.

Re: How common or typical are 4% BT fees?

Blackbeauty212 — Wed, 31 Aug 2016 20:25:52 GMT

I wouldnt bother with any 4% fees and only getting the typical 1year 0%. Citi Simplicity is 3% Fee and 21 months 0% and no late fees or penalties for paying past the Due Date. Chase Slate is 0% Fee and 15 months 0%. Much better offers than that 4% Rip Off

Re: How common or typical are 4% BT fees?

wasCB14 — Wed, 31 Aug 2016 20:39:10 GMT

Isn't Freedom up to a 5% BT fee now? Not sure if other cards have gone that high yet.

Re: How common or typical are 4% BT fees?

galahad15 — Wed, 31 Aug 2016 21:48:18 GMT

@Blackbeauty212 wrote:
I wouldnt bother with any 4% fees and only getting the typical 1year 0%. Citi Simplicity is 3% Fee and 21 months 0% and no late fees or penalties for paying past the Due Date. Chase Slate is 0% Fee and 15 months 0%. Much better offers than that 4% Rip Off

Thanks for the helpful suggestions from everyone! In response to the highlighted portion above, again since BoA is offering the 0% BT promo with 4% fee until 3/2018, if my calculations are hopefully correct, that is approximately 1.5 years, or 18 months? I prolly won't end up going with the offer, but I guess it's nice to know there are some options available.

Re: How common or typical are 4% BT fees?

lhcole77 — Wed, 31 Aug 2016 22:29:25 GMT

All of my BofA BT fees have been 3%.

Barclays have been 1% or 2%.

Chase is currently offering me 0, 2 and 3% right now.

Citi has offered me 3% and 5%.

Re: How common or typical are 4% BT fees?

kdm31091 — Wed, 31 Aug 2016 22:52:34 GMT

@Blackbeauty212 wrote:
I wouldnt bother with any 4% fees and only getting the typical 1year 0%. Citi Simplicity is 3% Fee and 21 months 0% and no late fees or penalties for paying past the Due Date. Chase Slate is 0% Fee and 15 months 0%. Much better offers than that 4% Rip Off

I would agree. If you really are in need of the BT, at least get yourself a better deal, 4% is crazy for just 1 year 0% IMO with so many better deals out there.

The BT fee definitely can eat into the savings of the promo APR, so it makes sense to run the numbers. If it's not going to take you that long to pay off the debt it may be better to leave it where it is and pay it off.

Re: How common or typical are 4% BT fees?

Anonymous — Wed, 31 Aug 2016 22:54:24 GMT

Capital One offers me 2% fee on 18 months 0% on my Venture.
They also offer me 0% fee and 4% indefinitely apr on my QS!
The best part is they are no hassle and even offer to just send a check, so you can use the money for anything!

Re: How common or typical are 4% BT fees?

NRB525 — Thu, 01 Sep 2016 04:24:55 GMT

For the offers I see:

BofA 4% fee, 0% rate but for 18 months.

US Bank 4% fee, 0% rate for 15 - 16 months

Citi cards 3% fee, some are 12 months, some are 15 months at 0% APR

Discover 3% fee, 0% rate 12 months and it looks like Discover just took away the no-fee 4.99% offers, I only have one BT option now on Discover.

PenFed Promise, no fee by default, regular promos with 4.99% APR for 12 months.

CapOne, no fee by default. 10.9% QS rate, no offers for lower rate BT.