A New Killer On Your Credit Card - WMC Action News 5 - Memphis, Tennessee

A New Killer On Your Credit Card

First, they hit you with an extra APR for transferring a balance.

Now, lowcards.com CEO Bill Hardekopf says some credit cards are adding a TRANSFER FEE on top of the interest.  

Gone are the days of the automatic zero percent for 12 months on balance transfers.  Hardekopf says most credit cards are either adding an average three percent fee with a $50-75 limit on the transfer...or they're basing how long you enjoy zero percent on balance transfers on your credit score. 

The better your score, the longer you keep the zero percent interest.

Hardekopf also warns that credit cards are starting to raise their introductory rates on purchases.  He says some have dropped the zero percent offer on those, opting instead for 2.99-3.99 percent for only three months, then raising the APR to the standard rate.

The Action News 5 Investigators recommend www.lowcards.com as a great place to shop card offers.

 

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