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: Investing » Bank of America May Have Removed Balance Transfer Fee Cap

Investing » Bank of America May Have Removed Balance Transfer Fee Cap — Tue, 25 Sep 2007 17:46:18 +0000

[...] Justin Good wrote an interesting post today onHere’s a quick excerptBank of America is one of my main sources for credit card arbitrage (the other one is Chase). Though I have only two cards with them and they are both more than 5 years old, I constantly got 0% balance transfer offer in the mail with no … [...]

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: Personal Finance Review - I Have No Pension Edition » Money Smart Life

Personal Finance Review - I Have No Pension Edition » Money Smart Life — Mon, 10 Sep 2007 02:07:35 +0000

[...] -Bank of America May Have Removed Balance Transfer Fee Cap @ Suns Financial Diary [...]

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: Stuff Worth Reading, Because Credit Cards Make Me Hot | Punny Money

Stuff Worth Reading, Because Credit Cards Make Me Hot | Punny Money — Fri, 07 Sep 2007 14:00:18 +0000

[...] sad news from The Sun’s Financial Diary: the days of making free money from Bank of America credit cards is at an end. I just don’t understand why credit card companies don’t want us borrowing their money [...]

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.

By: Kevin

Kevin — Thu, 06 Sep 2007 18:15:58 +0000

That is why it is good to live in a free market. Once people that actually use the balance transfer for their purported purpose start to get hit with these fees, another credit card company will move it back to a transaction fee limit or none at all.