What You Need to Know About Balance Transfer Credit Cards
Are Balance Transfer Credit Cards Playing Games?
I usually promote balance transfer credit cards, but a recent episode that my friend had with a Chase balance transfer is making me wonder what game these credit card companies are playing. Before you think about transferring your balance, you need to read this.
It Seemed Like a Good Deal
My friend knows her credit cards (she has to, I make her read this blog) so she knows not to pay balance transfer fees. When she was recently applying for a promotion balance transfer offer, she specifically asked if there were fees and the rep on the phone told her no. Everything was fine and dandy, right?
Not really.
The Bill Comes In
So, my friend gets the credit card in the mail and a few weeks later a statement comes in. Low and behold, there are almost $80 in transfer fees. What? What happened to no balance transfer fees?
The Fight
So my friend calls the credit card company explaining the dilemma. She is told to call back later when her husband was home (he was listed as the primary cardholder) but that the balance transfer fees should be reversed.
She waits for hubby to get back and they call Chase together. The woman on the phone says the balance transfer fees are not refundable regardless of what she was told. My friend asks to speak to a manager and, shame of all shames, the rep on the phone ARGUES with this cardholder telling her a manager won't do anything about it.
So, sticking to her guns, my friend insists that she speak to a manager, who then tells her that since all of Chase's calls are recorded they would need to look into the matter.
To make a long story short, the had the recording where she was told that there would be no balance transfer fees and the fees were reversed. No compensation for her time or frustration though.
A Word to the Wise
Now, while this did happen to be a Chase credit card, we have to give them credit for making good on what their employee had promised and we can't hold an entire company accountable for one rude rep (the one who argued about letting my friend talk to a manager). Chase does have many strong points.
That being said, regardless of what balance transfer offer you are entertaining, make sure you get the name and the employee number of any rep who tells you there won't be a balance transfer fee unless you have it in writing.