These deals look good and they can often save you big bucks, but sometimes there can be issues.
Jim McGraw got a letter from US Bank to open a new credit card. It read: Zero percent on purchases, no annual fee and no balance transfer fee. But notice said nothing about interest charges on transfers.
"So I was a little confused. So I didn't fill this out, I called over there and said, 'I got your deal in the mail. I've got a $5,200 balance at Chase I'd like to transfer it over there. Now, there is no balance transfer fee?' Correct. Zero percent interest rate on transfers for one year? Correct,'" he said.
So Jim signed up, the balance was transferred and then things went bad.
"I get my first statement after one month and there is a 13 point, the interest rate is quoted at 13.24 and there is $53 worth of interest on here," he said.
Jim called the bank, spoke with several people, all were nice and willing to cancel the deal, but that would leave him with a transfer fee back to his old bank.
"I was watching Channel 7 one night and your organization and I said, 'you know what, I'm going to call and see if they will get involved and talk with them," he said.
He did, 7 On Your Side did and the bank did too. US Bank told us there would be:
- No finance charge
- No transfer fee
- Zero percent interest for 12 months
The lesson here is to keep track of all your financial moves, because sometimes things just get messed up.