Credit Tips: Balance Transfer Fees on Credit Cards

Posted On: January 1, 2006

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Posted: Mon Aug 30, 2004 9:36 pm
Post subject: Balance Transfer Fees on Credit Cards

Stan
Date: 4/13/2001 1:07 pm CDT

I’m contemplating transfering the balance on two of my cards to another credit card. However, I was told that there could be a fee for doing so? How much is this fee and do most credit card companies assign such a fee for balance transfers? Thanks in advance!
Stan

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Posted: Mon Aug 30, 2004 9:38 pm
Post subject: Balance Transfer Fees on Credit Cards

Eugene
Date: 4/13/2001 3:11 pm CDT

Stan, you can very often have this fee waived if you do the transfer over the phone and ask the rep to waive it.

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Posted: Mon Aug 30, 2004 9:38 pm
Post subject: Balance Transfer Fees on Credit Cards

sam
Date: 4/13/2001 11:42 pm CDT

I tried having my fee waived recently by MBNA and the said “no.” Maybe I was not firm enough. Regardless, MBNA will charge 2% (?) of the transferred balance with a maximum of $30. I’m sure your bank does something similar

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Posted: Mon Aug 30, 2004 9:39 pm
Post subject: Balance Transfer Fees on Credit Cards

Eugene
Date: 4/14/2001 0:10 am CDT

I tried having my fee waived recently by MBNA and the said “no.” Maybe I was not firm enough.

No, you did not have to be firm, you had to be nice, polite, and play this little game of words.

“I was thinking of transfering a balance but I see there is a fee. Can it be waived if I transfer a big balance?”

…works better than…

“I need to do a balance transfer. Can you waive the fee?”

If you WERE a good negotiator with them and still were declined, it just means you did not qualify because of… whatever - credit history, FICO score, their profitability score.

Is this your first balance transfer at the time of or shortly after opening the account, or you have had it for some time? Have you ever been late with them?

Regardless, MBNA will charge 2% (?) of the transferred balance with a maximum of $30. I’m sure your bank does something similar

It’s funny ’cause MBNA IS my bank (one of them), and they just made a balance transfer for me less than two months ago. They were so kind that they even offered me to electronically transfer the FULL limit of my newly aqcuired credit card with them directly to my money market account, so that I can earn interest just days after the CC account is open (even before I got the card in the mail). They waived the balance transfer fee and over the limit fee (obviously, my balance went over the limit on the first cycle closing date because the card was maxed out to the last cent).

If they did anything more, that would have to be something like baking cookies for me.

But, I have to say, it was a new account. I cannot believe what they do just to attract new customers.