After I Transferred My Balances My Interest was Raised!

by Manuel
(San Jose, California)

I had five different credit cards last year and decided I needed to find one with a fairly low interest rate and that would transfer my other five balances free. I actually was able to find one that was half of the interest I was paying, I was thrilled to find out balance transfers were free. I thought I had hit the jackpot and told everyone about this card.

Of course, my joy was short lived when two months later I noticed my low interest card that transferred all my balances was now at the same rate it was for my highest card I transferred over.

I immediately called and they informed me that because I transferred so many balances and they were free that my interest was raised a bit, which was a lie, it was doubled! They said they would review it in six months and then they could possibly lower the interest.

The customer service rep then informed me that this information was "clearly" available in my account when I transferred my balances. Where I asked, she walked me through where to find and it was there but I had to get my magnifying glass out to even see it, the print was that tiny.

I confronted them about this tiny print and she said they had to make it tiny so that it would fit on one page, but I knew she was just making something up as she went along.

I basically had no way to fight it because it was in their terms of service. Of course, I stopped recommending it but I do tell people constantly, if it sounds too good to be true, it probably is and to follow your instinct.

Credit card companies are out to make money, they do not care how they make the money or how it makes you feel. I learned a hard lesson - I always read the fine print now!