Posts Tagged 'big bank'

Big bank balance transfer rates going up

Bad news if you play the credit card balance transfer game, says MSN Money:

In July, JPMorgan Chase, the largest credit card issuer in the country, cited the new federal regulations when it sent letters to its customers informing them that the bank will increase its maximum balance transfer fee to 5% — the highest charged by any issuer. Subsequently, the company stopped including balance transfers in most of its new offers.

…Bank of America – the second-largest issuer – has increased its maximum balance transfer fee to 4%…The standard balance transfer fee had been about 3% – and some issuers also limited the total fee, often to less than $100, with caps.

From the research we’ve done, most big bank credit card issuers charge some sort of balance transfer rate on top of the regular rate for each transaction total.

American 1? We don’t charge any balance transfer fee.

Compare your card with American 1’s Visa

Next week, we’re launching an initiative called We Understand. We’ve read the news about what big, out-of-town banks are doing to their credit card customers, and we think our Visa card can be a viable alternative to higher rates, annual fees, and hidden charges.

We have so much confidence in our Visa card, in fact, that we’ve done a bunch of research on everyone else’s card for a fair comparison. What’s their rate? What penalties do they charge? How much extra do you have to pay for a balance transfer?

So we’ve lined up our card with dozens of others in a handly, downloadable format – our Credit Card Comparison.

Feel free to download the PDF, browse through what cards are out there, and make your own determination about which card fits you best. Note that, on the comparison, anything marked in red means you’ll pay more with that card. Hopefully that makes it easy to do some comparison shopping.

We think that our combination of hometown service, ScoreCard points for gift and travel rewards, no extra or hidden fees for things like balance transfers and cash advances, and a stable, steady, and affordable rate make American 1 the best place to get a credit card.

But do your own research. And, while you’re at it, watch our fun video.

Member wins shredder, $50 Visa credit

Deborah H. - shredder winner

Deborah H. gets a lot of credit card solicitations in the mail.

She bought a household shredder to take care of most of it, but when American 1 offered to shred her junk mail for free, she jumped at the chance. Since then, she’s shredded dozens of credit card offers, and won our Top Secret Visa contest – including a heavy-duty home shredder and a $50 credit to her American 1 Visa card.

“American 1 is the only place I do business,” Deborah (above, with her son Cory) says, and her American 1 Visa is the only credit card she has.

Now she’ll use her new shredder to shred everyone else’s credit card offers, including the four she’s received already after winning our contest.

Congrats to Deborah! To learn more about big bank credit card tricks, visit our Top Secret Visa site.

American 1 Federal Credit Union