No Deal on Transfer of Credit Card Balances
Were you planning to take advantage of the popular low-rate balance-transfer deals. Well, it just got a bit expensive as banks raise fees and restrictions on these deals thanks to the rise in interest rates. Usatoday.com reports:
Until recently, most balance-transfer fees amounted to 3% of the sum transferred to the card, up to a $75 maximum, says Robert McKinley, CEO of CardWeb.com. But more issuers are doing away with the ceiling on these fees. So if you transfer $10,000 in debt to a card with a 3% fee with no maximum, you could now pay $300 — four times the $75 maximum fee you’d have paid a year or so ago.
Read more: Transferring credit card balances loses its deal appeal
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