Comments on: Bank of America May Have Removed Balance Transfer Fee Cap

By: Sun

Sun — Wed, 26 Sep 2007 01:49:55 +0000

Dangerman: The information I got is from their website. Since they usually send me balance transfer offers, I will have a better idea next time when I receive the mail. But it won’t surprise me if they indeed remove the cap as more and more banks are going in that direction.

By: Dangerman

Dangerman — Fri, 21 Sep 2007 23:30:39 +0000

Nope, BOA balance transfers are still capped for me. On one BOA Visa: “The transaction fee for balance transfers is 3% of each transaction, minimum $10, maximum $75…”… on my other BOA Visa: “The transaction fee for balance transfers is 4% of each transaction, minimum $10, maximum $90…”

By: Golbguru

Golbguru — Fri, 07 Sep 2007 14:11:31 +0000

Ha ha… didn’t I tell you something similar just a few days ago about why I am calling quits on the arbitrage.

By the way, if you get the time, go over the T&C for other major credit cards in the same post:

http://www.thetaoofmakingmoney.com/2007/08/27/479.html

Except Discover, everybody else is squeezing us out. And the problem with Discover is that it doesn’t give a big credit limit.

There are a few business cards still in the game, but other than the Citi Professional Card (which I already have), I don’t think I am eligible for others.

So, effectively, my arbitrage has also come to an end, unless some miracle happens at this point.

By: Tim

Tim — Fri, 07 Sep 2007 08:13:54 +0000

BofA, like others, just wanted you to use your cc since you weren’t using it. to entice you, they sent you the 0% promo. i’m out of arbitrage when my current promos end, too. i had to pay a capped fee on my last, so i put the money into stocks to recoup the fee plus some, then transferred to high yield savings. it is risky, but the market gyrations these days, it’s not difficult to put money into a good stock to recoup the fee amount.

By: Kyle

Kyle — Thu, 06 Sep 2007 20:47:12 +0000

Good while it lasted. Although as Kevin referenced I don’t think this is the last of 0% balance transfers. To much money to be made from people who cannot pay the money back at a given time.