What is a Balance Transfer fee and how is it calculated?

What is a Balance Transfer fee and how is it calculated?

A Balance Transfer fee can be applicable on some promotional offers. This fee is calculated as a percentage of the total amount being transferred and is added to the Balance Transfer amount.

For example, a Balance Transfer amount of $10,000 with a 2% Balance Transfer Fee, will be charged a Balance Transfer fee of $200 and results in the outstanding balance of your Kogan Money credit card to increase by $10,200.

At the end of the Balance Transfer period, the interest rate on any outstanding transferred balance and the Balance Transfer fee will revert to the applicable Annual Percentage Rate for Cash Advances.

Daniel Thompson
Posted on:
Post author