Credit cards simply are no longer offering the enticing deals in order to lure customers. Even though credit card companies have been willing to offer strong cash back rebates and introductory 0% APR deals, they’ve done so knowing that they can make up the loss through interest rates from defaulted customers and interchange fees. It appears that the issuers are projecting are difficult times ahead.
One way credit card companies have found to still offer enticing deals but lower their risk is to reinstate balance transfer fees. So far, I’ve assembled a list of balance transfer fees on CitiBank credit cards and American Express cards. Here is a run down of what Chase is offering.
Chase charges 3% of the balance transfered, but depending on the card, there is a different upper limit. With savings accounts offering interest rates that are getting closer to 3%, often only slightly higher, you must run the numbers to make sure credit card arbitrage is worthwhile. Don’t forget to take into account the possibility that savings account interest rates will continue to decline.
Here are the details:
Chase
Chase Offer 1: 3% of the amount of each transaction, but not less than $5.00 nor more than $99.00.
• BP Visa® Rewards Card (no longer available)
• Business Cash Rewards Card
• Platinum Business Card
• Platinum Business Rebate Visa Card
• TravelPlus Visa Card
Chase Offer 2: 3% of the amount of each transaction, but not less than $5.00 nor more than $75.00.
• +1SM Student MasterCard
• Free Cash Rewards Visa (no longer available)
• Freedom Credit Card (no longer available)
• PerfectCard MasterCard
• Platinum MasterCard
• Platinum Visa
• Rewards Platinum Visa Card
Email this article
Print this article
Share this article: Twitter | Tip'd | Facebook | Delicious | Reddit | Digg
About the Author
