I just received notice that one of my credit cards is now changing their terms of agreement and they will begin charging a maximum of $250 per balance transfer starting mid-November. What that means, is that I will be charged 3% of the amount of the transfer, but not less than $5 or more than $250. The maximum used to be $60.
Then, after January 2007 they are removing the maximum and you will just pay 3% of the balance you are transferring.
This is a huge credit card company doing this and I have a few cards from them. So far, I’ve only received noticed on one of the cards.
I don’t know what affect this will have on the special balance transfer offers this particular company sometimes has. I still hope some offers will come around with no balance transfer fee, but it appears to me that this company wants to make some more money.
I’ll explain more later why this is making me so uneasy. I just did a balance transfer and now I’m thinking I made the wrong decision 🙁