Posts Tagged 'chase'

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.

Why does your ZIP code matter to Chase?

While doing some online research into big-bank checking accounts, I came across Chase’s web site. But first things first: they asked for my ZIP code. Why? Check the highlighted area – the offer I get depends on where I live.

If that doesn’t speak to the cruminess of big banks, I don’t know what does. Why should where you live determine what kind of “offer” you receive? Shouldn’t it be the same for everyone, no matter whether you live in Alaska or Florida?

American 1 Federal Credit Union