Just received a notice of change in terms for my older Chase accounts opened before 2006. Looks like BT fee is now 3% of each transaction (min $5) and no cap effective 12/01/06. Won't be taking advantage of those great 0% BT offers. Did everyone else get the same deal?
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
nowie said:Just received a notice of change in terms for my older Chase accounts opened before 2006. Looks like BT fee is now 3% of each transaction (min $5) and no cap effective 12/01/06. Won't be taking advantage of those great 0% BT offers. Did everyone else get the same deal?
It's very obvious that this is the trend... I bet we will see a no cap policy accross all issuers before too long. So much for AORs.
OP, if I'm reading your post correctly, you are stating that an OLDER account got its terms changed from a BT cap to NO BT CAP.
I don't see any mentioning about NEW accounts.
I'll continue to push forward with my PRIs Promotional Rate Investing until these terms affect new accounts. If I'm not mistaken, the most attractive rates and promos are tied in with new accounts rather than older accounts.
If anyone follows FWF regularly, they'll know there is at least one post or more per week predicting the end of PRIs Promotional Rate Investing . Until it happens, I'll continue to collect money from the CCs.
sammy1224 said: So much for AORs. Not singling you or DNS out here, since many do this...but for the umpteenth time, AOR does not equal promotional rate investing.
The former is a technique employed in pursuit of the latter, but they are not the same. And muddling the terms causes WAY to much confusion here.
Not to worry. I too got that letter many months ago. However, Chase keeps sending me BT checks, and the fine print on those has retained the cap. The caps are usually $75, but quite often a second set of checks show up with a $65 and once a $50 cap. Probably because they know who will or will not use them without a cap. So, fortunately, it has not stopped me from getting 0% out of Chase.
didNOTsearch said:OP, if I'm reading your post correctly, you are stating that an OLDER account got its terms changed from a BT cap to NO BT CAP.
I don't see any mentioning about NEW accounts. These terms apply to two accounts opened in 2002, and another opened in 2004. I'm not sure about any accounts opened in 2005 as I don't have any, but two of my accounts opened in 2006 have not changed (probably b/c they are still in their promotional stage).
I'll continue to push forward with my PRIs Promotional Rate Investing until these terms affect new accounts. If I'm not mistaken, the most attractive rates and promos are tied in with new accounts rather than older accounts. My older accounts definitely don't get the "most attractive promos", but I have received several 0% for 6-9 months throughout the years.
raharbour said:Not to worry. I too got that letter many months ago. However, Chase keeps sending me BT checks, and the fine print on those has retained the cap. The caps are usually $75, but quite often a second set of checks show up with a $65 and once a $50 cap. Probably because they know who will or will not use them without a cap. So, fortunately, it has not stopped me from getting 0% out of Chase. But will that be the case after 12/1?
A change in terms means nothing unless the special offers start using those new terms. There are still plenty of capped BTs being offered by Chase. Chase can always make you an offer that's better than the stated official terms of the account....
I was on the phone with Chase earlier and asked about BT offers. They were all capped at $75 or no-fee in the case of the one until Jan 1, 2007 which is obviously a bad offer.
I think it'll depend on specifically which card it is, my flex rewards card from Bank One (now Chase) that I got in 2003-2004 just got an promo check offer in the mail for 0% until 4/1/07 with a $75 cap
I still get 0% offers with no fees. I don't get as many as I used too, but I still receive them from time to time. I don't open and read the small print on all of the ones I receive but out of the 20% I have opened, some of those have no BT fees.
I also have a need to use 0% on purchases for 12-15 months, so those still work for my purpose.
Granted the offers have gone done, but with interest rates stabilizing and possibly even going lower in '07 I don't see 0% BT rates with no fees going away. I don't know about you guys but I get way too many of these in the mail. Until I only get 1 or 2 a month, banks and CC companies will continue to have these offers.
I was checking out the Citi Diamond Preferred application on the Citi website and it has a BT cap of $250 now...my wife a applied a few weeks ago and it was %0 no-fee BT plus 10k ThankYou points. I hope this isn't a new trend with lenders...
Edit: Several other Citi cards also show a $250 max BT fee. This is not a good sign for things to come.
The change in your card agreement applies to your account ending in the last four numbers that appear after your name on the front of this mailing.
The Changes: We are increasing the maximum on the balance transfer fee in two steps. This means we are changing your Card Agreement as follows:
Step 1: Effective November 17, 2006, we are increasing the maximum on the balance transfer fee to $250. As of that date, the balance transfer fee, a FINANCE CHANGE, will be 3% of the amount of the balance transfer, but not less than $5 or more than $250. This fee will be in effect through January 31, 2007.
Step 2: Effective February 1, 2007, we are removing the maximum on the balance transfer fee altogether. As of that date, the balance transfer fee, a FINANCE CHARGE, will be 3% of the amount of the balance transfer, but not less than $5.
Also has an opt-out option that will allow you to use your card until it expires under the current terms.
I think it would be interesting to what the credit score is of the people who are receiving these changes. If you are above or below 700. I'm above 700 and I haven't received anything to my knowledge but I do receive a lot of SPAM in my mailbox.
SUCKISSTAPLES said:Chase has been playing with BT fee caps recently... I have Chase cards offering BTs with a $50, $65, $75 and even $99 cap. Also a no fee offer. I've noticed this too.
Just another reason why not to close accounts and how MULTIPLE cards benefits you, the consumer. Or even checking your offers on the same account. One of my Chase cards has 6 different BT offers available online right now(!), the best of which are a 1% promo until March '07 (3%/$75), or a 1% until April '07 (3%/$99).
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
