Brite Rich Tip:
If you’re thinking about transfering your credit card balance to another card you may want to think again.
The ink has barely dried on credit card reform signed by President Obama in May, and already, issuers are raising prices again.
Most issuers have raised rates or fees for certain borrowers. In the latest round, Bank of America and Chase have increased, or are increasing, their maximum balance-transfer fees, from 3% to 4% and 5%, respectively. Chase is also expanding the definition of who could get hit with a penalty interest rate. Meanwhile, InfiBank is establishing a higher minimum APR — the greater of 15.99% or 11.99% plus the prime rate — on many cards. And Capital One and Citigroup continue to raise card rates for certain borrowers.
So the bottom line, these credit card companies are clever! Beware! We may be saving some wiggle room in interest rates but make sure to read the fine print in other areas. For more information about these rates, check out: LowCards.com and CardRatings.com
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