Wednesday, June 22, 2005

Credit Card Balance Transfers ...Fine Print

Before jumping at the 0% interest on credit card transfers,understand the impact a default may have on your interest rate. When you read the fine print extracted from one major card, you will note that the rate can quickly jump from 0% to 29.9% if you default on any card you hold with them.

Costly credit card mistakes can be eliminated by using your home equity to consolidate your creditcard debt.

Here is the fine print from a major credit card transfer promotion

Introductory rate of 0.0% for 12 months from date of cardmembership on balance transfers and purchases. After the promotional period ends, the standard variable APR for purchases will be applied to all remaining purchase and balance transfer amounts; the standard variable cash advances APR will be applied to any unpaid balances. As of May 6, 2005, the standard variable purchase APR is 9.99%. The standard variable cash advance APR is 20.99%. However, all your APRs may automatically increase up to the 29.99% variable default rate if you default under any Card Agreement that you have with us. Min. finance charge is $0.50. For each purchase made in a foreign currency, we add an additional FINANCE CHARGE of 3.0% of the amount of the purchase after its conversion into U.S. dollars. This foreign currency transaction fee will be added to the appropriate purchase balance with the foreign currency purchase. The foreign currency transaction fee may cause the annual percentage rate on the billing statement on which the purchase made in a foreign currency first appears to exceed the nominal annual percentage rate. The transaction fee for cash advances is 3% of the amount of each cash advance, $5 minimum. The transaction fee for balance transfers is 3% of the amount of each balance transfer, $5 minimum, $75 maximum. However, there is no balance transfer transaction fee on balances you transfer in response to this offer. The annual membership fee is $0.

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