The Consumer Financial Protection Bureau is a government agency built to protect consumers. Our free resources help you have the information you need to make informed financial decisions.
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.