What do banks usually charge for balance transfer fees?

Based on the general industry knowledge, here are the typical balance transfer fees for major banks:

1. Most major credit card issuers charge a balance transfer fee ranging from 3% to 5% of the amount transferred.
2. The fee is usually calculated as a percentage of the transferred amount or a minimum flat fee (often $5 or $10), whichever is greater.
3. Some specific examples of balance transfer fees from major banks:

• Citi: Typically charges 3% of each balance transfer (minimum $5)
• Wells Fargo: 3% intro fee for 120 days from account opening, then up to 5%
• Chase: Generally charges 3% to 5% of the amount transferred
• Capital One: May charge 3% to 5%, but some cards don’t charge a fee if you transfer at the current APR (not a promotional rate)

4. It’s rare to find cards from major banks with no balance transfer fee. Credit unions are more likely to offer such cards, but they have membership requirements.
5. Some cards may offer introductory periods where the balance transfer fee is lower or waived, but this is becoming less common.
6. The exact fee can vary depending on the specific card and offer, so it’s important to check the terms and conditions for each card you’re considering.

When evaluating balance transfer offers, it’s crucial to calculate whether the potential interest savings outweigh the balance transfer fee. In many cases, even with a 3% to 5% fee, a balance transfer can lead to significant savings compared to high-interest credit card debt, especially if you can pay off the balance during a 0% APR introductory period.