Chase Doesn't Eliminate Cap on All Credit Card Balance Transfer Offers Afterall

Written by CardRatings.com
Posted On: March 30, 2006

Reading the fine print is not always as easy as it sounds, so we at CardRatings.com like to do some of the work for you. In my recent article Chase Changes their Credit Card Terms—A Lesson in Reading the Fine Print I brought to our readers’ attention some changes in Chase’s terms and conditions, but unfortunately there was a miscommunication during the reporting phase of this article. I want to take a moment to clarify some of the information provided in the article, particularly in regard to balance transfer fees.

While Chase has removed the statement regarding balance transfer fees from their card member agreement, they have not removed their cap on balance transfer fees on all card offers (as the article referenced above suggests). Consumers can find balance transfer fee information with each individual offer and the terms of individual offers do vary. I spoke with Chase spokesperson Jessica Iben who stated that most offers still come with balance transfer fee caps ranging up to $75.00. The non-negotiable fee varies from offer to offer and is directly tied to the promotional APR, so if you carry a Chase credit card it’s important to read the terms and conditions with your particular card to know exactly what fees apply.

Iben also says on occasion individual offers do not have a maximum fee, while other offers have no fee applied at all.

The bottom line—always read everything you receive from your credit card issuer very closely! And don't hesitate to call your card issuer directly if you have any questions and/or concerns. Finally, you can also review the terms of balance transfer offers in the Card Reports section of our site.

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