So I recently received letters regarding a change in policy on three of our credit cards. It wasn’t an interest rate adjustment. I’m guessing BofA has figured out that since I only hold balance transfers that doesn’t do them much good, so they are increasing the balance transfer fee to 4% as of June 1, 2009.
Shocked? Horrified? You shouldn’t be. Banks are doing crazy things to scoot in ahead of the new credit card reform laws. They’re raising interest rates, apparently balance transfer fees, and doing anything they can to milk every last half cent from the general population.
From my perspective, the 4% is still better than the 15% rate my cards are at, but I don’t know where my next balance transfer offer is coming from.
In other interesting news, my mother was recently told her 9.99% card was becoming a 15% card. When she complained she was actually told that if her rate had been 10.24% it wouldn’t have been raised. Seems odd to target the people who qualified for better credit.
