Sometime ago, I thought I was being smart and decided to consolidate my credit card balances by transferring the higher interest ones to the credit card that had the lowest interest. It wasn’t after I had made all the changes that I realized (since I don’t often read the fine print) that each transfer I made was charged a 3% fee! I was shocked that they would charge a fee for taking on your other loans. You would think that the interest fee they would earn would be enough to cover the cost of the transfer. But, that’s from my point of view as the consumer. I’m sure if I was trying to make a huge profit I would do the same too.
Of course, after the fact, now I find out that there are credit cards with a no balance transfer fee policy. Now at least I know in case I get another smart idea.
