My card issuer offered me the opportunity to transfer a balance at a zero percent interest rate for 12 months. I did a balance transfer and they charged me a 5 percent fee. Can they do that?
Yes, so long as the card issuer told you the fee they charge for making a balance transfer before the transfer. Card issuers are allowed to charge a fee on balance transfers, even if the balance transfer itself has a zero percent rate for a period of time.
Ask CFPB provides general consumer information. It is not legal advice or regulatory guidance. The CFPB updates this information periodically.
Ask CFPB includes links or references to third-party resources or content. The CFPB does not endorse the third-party or guarantee the accuracy of this third-party information. There may be other resources that also serve your needs.