Credit card companies are finding new ways to make money and Consumer Action is keeping track. Card companies are hitting cardholders with minimum cash advance fees as high as $15. So when getting cash in advance don’t assume it is just a 3% charge, the fees could go much higher.
Balance transfer fees which used to be free or hover in the 35 range are skyrocketing. Some banks are charging as much as 5%. So when you see a great deal on balance transfer “interest rates,” be sure to check on balance transfer “fees.” High fees can undo the low interest rates.
Consumer Action: Fees go up, up, up – and some have no limits
Balance transfer fees which used to be free or hover in the 35 range are skyrocketing. Some banks are charging as much as 5%. So when you see a great deal on balance transfer “interest rates,” be sure to check on balance transfer “fees.” High fees can undo the low interest rates.
Consumer Action: Fees go up, up, up – and some have no limits
Just a "heads up" - Sears has decided to implement a $45 per year annual fee for both its credit cards (through Citibank) and, according to the Sears customer service rep, also on their "store accounts". This will hit those least able to afford it. I can (and now will) patronize other stores for major appliances, but those suffering from job losses, etc. do not necessarily have that choice. I can afford it, but I won't pay it, so I told them to close my account. I have informed them I will choose to take my business elsewhere. Interestingly, I was planning several major appliance purchases probably running in the $5,000 to $10,000 range, but the rep clearly didn't care if my spending went elsewhere. Too bad - will never do business with Sears as long as their corporate behavior remains at this low level.
Your listeners/viewers/readers should be informed so they can make a choice before implementation of this high annual fee starting January 2010.
Posted by: Maggie | 09/29/2009 at 05:43 PM