Question

In reviewing your account statement you see a balance transfer fee based on the information you see in the statement what would be the fee if you transfer $3000 from another credit card

Answer 1

Balance transfer fee = $90

Explanation:

We are told that you transfer $3000 from another credit card.

For credit card holders, a balance transfer fee is basically a one-time fee you will have to pay when you transfer a balance from one credit card to another one.

Now, a balance transfer fee is usually deducted at 3% of the total amount transferred. That's the standard practice.

Thus, balance transfer fee = 3% × 3000 = $90