Hi, My mother applied for Fleet Titanium Mastercard ... she did a balance Transfer and got the bill yesterday and had $21 finance charge... So they charge the finance charges as soon as you do balance transfer??? Is it possible if I call they remove the charge? What should I do? Many Thanks Chris
RE: Please read and advise me. First off how much was the balance transfer, And you have to remember that most cards handle balance transfers as cash advaances, so there's a cash advance fee of 2-4% or 2-5 dollars which ever is greatest, plus the interest on top of that. So if the balance was say $1000 and the cash advance fee was 2%, the fee would be $20. This is how most cards handle it.
RE: Please read and advise me. The Balance Transfer was over $3,811...and the fee was $21... But I've done transfers before and their never was any charges...I transfered say $3,811...then the bill came for $3,811...then I paid it off...but with FLEET BANK... Their was extra charge... Chris
RE: Please read and advise me. Alot of banks (even those that don't charge a fee) start charging interest from the date of the balance transfer. Look at the term and conditions (disclosure) for details. It must be specified.
RE: Please read and advise me. Most cards do not charge a fee for a balance transfer, they do start the clock ticking as soon as the transfer is made. http://www.creditsense.com
RE: Please read and advise me. First of all, the transfer fee imposed by some (but not all) banks is legally a finance charge. You may save enough on monthly finance charges to more than pay for the one balance transfer charge. Second, be glad that they charged it up front so that you can't spend yourself up to your limit. That's when a finance charge (of any kind) can put you "overlimit" and affect your credit. That happened with me on my Capital One card. The annual fee came in at the end of the first month and made me look bad, although no overlimit fee was charged.
