The Equalizer

Putting the Consumer First in the Internet Age. Join Us!

Thursday, August 03, 2006

Credit Card Balance Transfer Fees

Credit Card Balance Transfer Fees are with us! Just when we thought it was safe to cut our costs by getting rid of all the ineterest charges that the banks are heaping on us, we discover that, increasingly, the banks are charging us one or two percent of the balance when we make the transfer to a new card.

This blog is fighting back for consumers. Credit Card Balance Transfer Fees are not the way forward. We oppose them and will do our best to only show those card that as yet do not have these iniquitous fees in a better light. There are still some banks that do this.

There are also banks that are beginning to end the process of leaving the higher-rated transactions (such as cash withdrawals) to the end of the pile when it comes to making the monthly minimum payment, so that they stay at the back of the line racking up more interest. As long as the banks know that we know about this they will do something about it to compete with the other banks in battle for customers.

As long as we exert our power of choice we consumers will prevail. But we can only do this if we are armed with the right knowledge. It seems that knowledge is power after all!

Down with Credit Card Balance Transfer Fees.


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