If you’re thinking about transferring your balance to the Amazon.com Credit Card, you might be wondering how much it will cost you in fees. The answer is that the balance transfer fee is 5% (min $5). So, if you’re transferring a balance of $1,000, you’ll end up paying a fee of $50.
The main drawback to this card is that its balance transfer fee in conjunction with a relatively high balance transfer APR renders it a poor choice for balance transfers: 16.49% – 24.49% (V). That said, there are much better 0% balance transfer credit cards currently available elsewhere.
Here are a few examples of other cards with much better terms for balance transfers:
- Union Bank® Platinum™ Credit Card: 0% intro APR on balance transfers for 15 months, no balance transfer fee. After that, the APR will be 10.74% – 22.24%(V), based on your creditworthiness.
- Wells Fargo Reflect® Card: 0% intro APR on balance transfers for 21 months, then 15.99% to 27.99% variable APR.
You can use these credit card offers to pay off your debt interest-free for an extended period, which can save you a lot of money in the long run.
If you’re considering transferring your balance to the Amazon Credit Card, keep in mind that there is a balance transfer fee of 5% (min $5).
Additionally, this card has a relatively high balance transfer APR when compared to other cards on the market. You might be better off with a different card that has a lower fee and/or APR.
What do you think?
Do you think the Amazon Credit Card is a good option for balance transfers? Let us know in the comments below.
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
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