Credit Tips: Bank Of America Balance Transfer Offer

Posted On: March 1, 2005

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 4:31 pm
Post subject: Bank of America Transfer Offer - Daily Interest

Joan Butterfield
Date: 4/24/2000 10:58 am CDT

I found your address in the news paper, personal finance section.
My question is about an offer I recieved from Bank of America to
transfer my other card balances to thiers. But after talking on the
phone it dawned on me they mentioned intrest calclcuted daily. Won’t
that intrest add up awfully fast? What kind of reputation do the Bank of
America have?

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 4:31 pm

Board Monitor
Date: 4/24/2000 11:01 am CDT

Joan,

Thanks for your recent inquiry! Bank of America has a reasonably good reputation from
the feedback we have gotten. They are the first coast to coast bank in
the U.S. They typically have attractive balance transfer offers. We feature
once such offer on our “Balance Transfers” page…

http://www.cardratings.org/transfers.html
This offer is quite attractive in that it features a 8.9% fixed permanent
rate on balance transfers (this is not an introductory rate, but, instead
remains in effect until you pay the balance transfer off!). You can apply
online for this offer.

What type of offer did you receive from them?

In answer to your question…interest typically is always calculated on a
daily basis if you carry a balance on a given credit card. So, this in not
out of the norm.