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?
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posted: Oct. 19, 2006 @ 4:04p
sammy1224
Senior Member
posted: Oct. 19, 2006 @ 4:42p
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.
didNOTsearch
Broke Member
posted: Oct. 19, 2006 @ 4:49p
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.
Updated per DH to reduce confusion
ILikeDollars
Greedy Member
posted: Oct. 19, 2006 @ 4:52p
Good thing none of my Chase accounts are "stablished", as far as I know.
EDIT: OP's title corrected, this post is now meaningless.
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.
raharbour
New Member
posted: Oct. 19, 2006 @ 5:48p
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.
nowie
Member
posted: Oct. 19, 2006 @ 5:56p
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.
nowie
Member
posted: Oct. 19, 2006 @ 5:58p
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?
CreditGuy
Senior Member
posted: Oct. 19, 2006 @ 5:58p
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
nughaud
Member
posted: Oct. 19, 2006 @ 9:30p
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.
nughaud
Member
posted: Oct. 23, 2006 @ 9:37p
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.
xerty
Senior Member - 2K
posted: Oct. 23, 2006 @ 10:14p
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).
xpguy
Senior Member - 3K
posted: Oct. 24, 2006 @ 2:59p
Snyder81 said: Notice of Change in Terms and Right to Opt Out
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 got this letter today for the Citi Dividend card specifically. $250 cap is still cheap, but a 3% of the amount of the balance tranfer with no cap will kill BT deals. BOA/MBNA has a lot of these 3% no cap fees for most of their new credit card products already
nowie
Member
posted: Oct. 24, 2006 @ 3:10p
nughaud said: 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.
My average FICO is 780 and received the letter from Chase only. Online access through Chase still shows some 0%., .99%, and several other offers with $75 fee as of now. I'm sure this will change to no cap for me in December as they stated in the letter.
xerty said: 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).
mine w/ chase online currently are:
4.99% Fixed APR until the balance is paid in full. (Respond by: 11/30/06) 6.99% Fixed APR until the balance is paid in full with no transfer fee. Respond by: 11/30/06) 0% Fixed APR until the first day of your billing cycle that includes 04/01/07. (Respond by: 11/30/06) 5.99% Fixed APR until the balance is paid in full with no transfer fee. (Respond by:10/31/06) 3.99% Fixed APR until the balance is paid in full. (Respond by: 10/31/06) 0% Fixed APR until the first day of your billing cycle that includes 03/01/07. (Respond by: 10/31/06)
euphemism
Member
posted: Oct. 26, 2006 @ 4:47p
One thing to keep in mind is that CC issuers will sometimes waive the fee if you initiate the transfer over the phone instead of using a BT check.
wow, this thread was a premonition of the Death of CHASE BT as we know them....
Just got several letters for several Chase cards..... EFFECTIVE DECEMBER 1, 2006, NO BT FEE CAP ON MANY CHASE CARDS!
This could be the beginning of the end of BT games on Existing Accounts.
App-O-Rama AND Reallocation will be necessary, until BT fee caps are removed on new apps too.
CamdensMom
Happy Member
posted: Oct. 27, 2006 @ 4:54p
I just got the notice today from Citibank. Haven't seen it on Chase yet - in fact, just called Chase to review the terms of their BT offer last week and there was definitely still a $75 cap.
I figured it was too good to last...
charleslanger
Member
posted: Oct. 27, 2006 @ 7:21p
They're stupid to kill them off before Dec/Jan/Feb...let noobs & shopaholics hang themselves first....
jmorgan947
Member
posted: Oct. 30, 2006 @ 11:04a
how does this effect citi cards that have the offer of no BT fee w/0% upto 12 months after receiving the card?
dodgeman007
Senior Member
posted: Oct. 30, 2006 @ 2:25p
nughaud said: 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.
im at 774 so its looking to be universal.
mhudson
Senior Member
posted: Oct. 30, 2006 @ 6:27p
I got one in the mail today for two of my accounts. My I am mid 700's as well.
andrewli
Senior Member
posted: Oct. 30, 2006 @ 7:00p
A little off topic, but how long do you have to wait before you can BT from your Chase Online account? I had my accounts for about 2 months now, and I still have the "we cannot process your request online" message. I have my first payment processing today - so I'm not sure if that's a factor.
LustfortheMoment
Senior Member - 1K
posted: Oct. 30, 2006 @ 7:03p
This is the beginning of the end of BT games on Existing Accounts.
Is that bad????
These banks may be dumb, but they're not stupid........
xerty
Senior Member - 2K
posted: Oct. 30, 2006 @ 9:48p
Squeezer99 said: mine w/ chase online currently are:
4.99% Fixed APR until the balance is paid in full. (Respond by: 11/30/06) 6.99% Fixed APR until the balance is paid in full with no transfer fee. Respond by: 11/30/06) 0% Fixed APR until the first day of your billing cycle that includes 04/01/07. (Respond by: 11/30/06) 5.99% Fixed APR until the balance is paid in full with no transfer fee. (Respond by:10/31/06) 3.99% Fixed APR until the balance is paid in full. (Respond by: 10/31/06) 0% Fixed APR until the first day of your billing cycle that includes 03/01/07. (Respond by: 10/31/06) Squeezer - thanks for posting your offers. They were so similar to mine that I double-checked since I only had the 0.99% short term offer instead of the 0% one you showed. Although the website had the same offers for me, I figured I'd try my luck calling Chase instead (besides it's easier to the cash direct deposited to your checking account this way). When I asked about my "low rate BT offers", I was told about 2 offers by the CSR that were both 1% better than the ones listed on the website - 0% short term (and only $75 fee, not $99 for 4/1/07) and 3.99% for life of the balance (instead of 4.99% LOB). Needless to say that phone call will be worth over $100 in reduced fees and interest!
nughaud
Member
posted: Oct. 30, 2006 @ 10:12p
I did receive my NO CAP from Chase just last week. Since it's for accounts you currently hold, I'd be interested to see if this carries over to any new accounts that one might apply for in the future.
nughaud said: I did receive my NO CAP from Chase just last week. Since it's for accounts you currently hold, I'd be interested to see if this carries over to any new accounts that one might apply for in the future.If you apply for a new Chase card (whose typical promo is 0% for 12 months on purchases and BTs, $75 cap) you will be entitled to that promo during the 12 month intro period.
all the 0% offers for new cards are still available, many have no BT fees. This is on ESTABLISHED Chase accounts, new ones are governed by the terms of the promo you apply under.
mhudson
Senior Member
posted: Oct. 31, 2006 @ 9:53p
Got one today for my citibank card. It was in increase in two parts. First one was a cap at 350 after than no cap.
jairocon
Senior Member - 1K
posted: Nov. 30, 2006 @ 11:09a
Today is the last day for chase no-fee BT offers on established accounts. It's too bad these are going away, I finally figured out how to use them to my advantage (as in pay BofA cards with Chase BTs and pay Chase with MBNA BillPay). Anyway, last day.
Notice too the repayment terms have changed. This last one they charged me $69 at the end because it had to be paid by the cycle that included December 1st. So I paid it all back November 27th. Nope, now it is the first day of the cycle has to be paid by November 3rd. It took almost a whole month off my BT. CSR credited the charge NEXT cycle, have to pay this time get a $69 credit next cycle. This is the first time they did this with me, BTs are now 1 month less than stated...I think I am done Chase BT unless I get a really sweet deal from them.
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