What Is the Convenience Fee? Rules, Costs & When to Pay
Warren Team
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Key terms
- Closing CostsFees and expenses paid at the closing of a real estate transaction, typically 2-5% of the purchase price. Includes appraisal, title insurance, attorney fees, and loan origination.
- Annual FeeA yearly charge for maintaining a credit card account. Premium rewards cards typically have higher annual fees ($95-$550) while many basic cards have no annual fee.
- Balance Transfer FeeA fee charged for transferring debt from one credit card to another, typically 3-5% of the transferred amount. A $5,000 transfer with a 3% fee costs $150.
- Cash Advance FeeA fee charged for withdrawing cash using a credit card, typically $10 or 3-5% of the advance amount, whichever is greater. A $200 cash advance with 5% fee costs $10.
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