Credit Card Balance Transfer Offer with no Fee?
Guest: usmsci
Credit Expert (100+ Posts)
Post subject: Credit Card Balance Transfer Offer with no Fee?
Posted: Thu Sep 21, 2006 11:00 pm
mouse wrote:
multiplierx wrote:
Yeah I saw that in the T&C. They mention the minimum fee but no mention of a max fee.
I doubt I'd ever do a BT through them anyway.
Just call and ask about a BT...
What is the max BT fee???
Can I just get a no fee BT???
i paid 3% of $12,000 or about $400 in BT fees with them but in the end ill save over $3,000 in HELOC interest and thats even with a fixed 7.9% once the 0% is over in August of 2007.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Credit Expert (100+ Posts)
Posted: Fri Sep 22, 2006 1:29 am
Believe it or not that's the first picture I've seen of the BOA Visa Signature WorldPoints card. It's pretty slick looking if I do say so myself.
If you do run into any problems with the conversion, just sit tight for another month. Once we take over you won't have to worry about affadavits or back offices. We will simply submit what's known as a CSI (Customer Service Inquiry) to a department known as the PCU (Product Change Unit). The conversion will take 2-3 weeks, and you can cut up the old card once you receive the new one. The CSI submission is an incredibly easy process that any MBNA CSR can do within a minute. After all, there's a reason BOA bought us in the first place...
In the meantime, if you were doing this upon my recommendation than I apologize for your troubles. If I had realized you had a BOA card rather than an MBNA card, I would have recommended that you wait out the month. The CSR was likely doing the best she could, but that is truly a tricky request for the pre-integration BOA side to handle. Sorry 'bout that...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Credit Expert (100+ Posts)
Posted: Fri Sep 22, 2006 1:43 am
I forgot to address the BT fee part of it:
There was no mention of a max BT fee on the website offer because 99% of the bank's new accounts have no max transfer fees (including every one offering a 0% introductory promo rate). Of MBNA/BOA branded cards, only a tiny fraction which offer six to nine months at 1.90% or 2.90% still offer capped fees. Other than those, the only chance of getting a capped BT fee on a new account through MBNA/BOA is to get the account through certain affinity groups such as Merrill Lynch or the NEA.
However, as you are doing an account conversion and not really opening a new account, the T&C of your card agreement are technically not changing. Your annual fee (or lack thereof), your credit line, your interest rates, and your fee structure remain exactly as they were. Just the features, benefits, card picture, and account number change...
In any evet, there will be no chance of ever getting a no-fee BT with your card. We've got stockholders to answer to after all. BT's are a privaledge, not a right. Logic says the person doing the BT got themselves into that debt in the first place, why should the bank pay that debt off for them and receive absolutely nothing in return? Not only would the bank receive nothing in return, they actually lose money over the entire life of the promotion. They are paying interest for the funds lent out, and then giving those funds away at a lower interest rate.
I still say whatever bank dreamed up the idea of BT's in the first place definitely now regrets the monster they unleashed. People simply don't understand the fundamental concept of what a BT is, and then go on a rampage calling me up with insane demands. Unfortunately, I've had to put it quite bluntly to more than a few irate cardholders in the following manner:
"You got yourself into that debt with Chase (Citi, Cap One, etc.) not me and not my bank. Did you knock on your next door neighbor's door and demand that he pay off that debt for you while receiving nothing in return? Did you call your father-in-law and demand that he pay off that debt and get nothing in return? Of course you didn't. So why are you calling me up, treating me with absolutely no respect, and then demanding that a for-profit corporation do something that your own neighbor and father-in-law won't do?"
I say the American public has gone mad...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: crybaby
Posted: Fri Sep 22, 2006 11:28 am
bikshu, while I agree that a monster is unleashed, it must still be profitable to provide BT's or they would dry up.
I suspect that the shield the BT balance puts around the high interest purchases for most normal borrowers far outweighs the cost of those of us "deadbeats" who only pay promotional rates.
I have never seen the math, but the longevity of promotional rates suggests that they are profitable - especially in today's environment that is friendly to predatory borrowing and the decline of the strength and terms of usary laws.
_________________
Reality only hurts when you accept it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Credit Card Balance Transfer Offer with no Fee?
Posted: Thu Sep 21, 2006 11:00 pm
mouse wrote:
multiplierx wrote:
Yeah I saw that in the T&C. They mention the minimum fee but no mention of a max fee.
I doubt I'd ever do a BT through them anyway.
Just call and ask about a BT...
What is the max BT fee???
Can I just get a no fee BT???
i paid 3% of $12,000 or about $400 in BT fees with them but in the end ill save over $3,000 in HELOC interest and thats even with a fixed 7.9% once the 0% is over in August of 2007.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Credit Expert (100+ Posts)
Posted: Fri Sep 22, 2006 1:29 am
Believe it or not that's the first picture I've seen of the BOA Visa Signature WorldPoints card. It's pretty slick looking if I do say so myself.
If you do run into any problems with the conversion, just sit tight for another month. Once we take over you won't have to worry about affadavits or back offices. We will simply submit what's known as a CSI (Customer Service Inquiry) to a department known as the PCU (Product Change Unit). The conversion will take 2-3 weeks, and you can cut up the old card once you receive the new one. The CSI submission is an incredibly easy process that any MBNA CSR can do within a minute. After all, there's a reason BOA bought us in the first place...
In the meantime, if you were doing this upon my recommendation than I apologize for your troubles. If I had realized you had a BOA card rather than an MBNA card, I would have recommended that you wait out the month. The CSR was likely doing the best she could, but that is truly a tricky request for the pre-integration BOA side to handle. Sorry 'bout that...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Bikshu
Credit Expert (100+ Posts)
Posted: Fri Sep 22, 2006 1:43 am
I forgot to address the BT fee part of it:
There was no mention of a max BT fee on the website offer because 99% of the bank's new accounts have no max transfer fees (including every one offering a 0% introductory promo rate). Of MBNA/BOA branded cards, only a tiny fraction which offer six to nine months at 1.90% or 2.90% still offer capped fees. Other than those, the only chance of getting a capped BT fee on a new account through MBNA/BOA is to get the account through certain affinity groups such as Merrill Lynch or the NEA.
However, as you are doing an account conversion and not really opening a new account, the T&C of your card agreement are technically not changing. Your annual fee (or lack thereof), your credit line, your interest rates, and your fee structure remain exactly as they were. Just the features, benefits, card picture, and account number change...
In any evet, there will be no chance of ever getting a no-fee BT with your card. We've got stockholders to answer to after all. BT's are a privaledge, not a right. Logic says the person doing the BT got themselves into that debt in the first place, why should the bank pay that debt off for them and receive absolutely nothing in return? Not only would the bank receive nothing in return, they actually lose money over the entire life of the promotion. They are paying interest for the funds lent out, and then giving those funds away at a lower interest rate.
I still say whatever bank dreamed up the idea of BT's in the first place definitely now regrets the monster they unleashed. People simply don't understand the fundamental concept of what a BT is, and then go on a rampage calling me up with insane demands. Unfortunately, I've had to put it quite bluntly to more than a few irate cardholders in the following manner:
"You got yourself into that debt with Chase (Citi, Cap One, etc.) not me and not my bank. Did you knock on your next door neighbor's door and demand that he pay off that debt for you while receiving nothing in return? Did you call your father-in-law and demand that he pay off that debt and get nothing in return? Of course you didn't. So why are you calling me up, treating me with absolutely no respect, and then demanding that a for-profit corporation do something that your own neighbor and father-in-law won't do?"
I say the American public has gone mad...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: crybaby
Posted: Fri Sep 22, 2006 11:28 am
bikshu, while I agree that a monster is unleashed, it must still be profitable to provide BT's or they would dry up.
I suspect that the shield the BT balance puts around the high interest purchases for most normal borrowers far outweighs the cost of those of us "deadbeats" who only pay promotional rates.
I have never seen the math, but the longevity of promotional rates suggests that they are profitable - especially in today's environment that is friendly to predatory borrowing and the decline of the strength and terms of usary laws.
_________________
Reality only hurts when you accept it!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 9:09 AM
0 Comments:
Post a Comment
<< Home