No Annual Fee - What's The Big Deal?By: Ella Cuevas | |||
| Credit card companies are touting No Annual Fee like it's a big selling point, but is it? I'm looking at a promotion for the "no hassle" folks on the desk now, and it's one of their front page selling points. Don't let those promoted goodies distract you from the real painful issues. Americans are drowning in CC debt and we have to be very careful or the plastic will choke us. The Important Disclosures page is where the real meat is, but who wants to read that? Capital One says "We may change the terms of your account (including APRs) at any time for any reason. Before doing so, we will notify you of your options in advance, including the right to decline certain changes." No Annual Fee I can understand but what does "Balance transfer APR: Same as for purchases. Cash advance APR: 19.8% (0.05425% daily periodic rate)." mean? There's lots of gobbledygook in there, but a few things are as plain as day. Like a $29 late fee unless you owe over $1000 then it's $35. Well I gave a call to their toll free number and grilled the service representative and feel less confused. To transfer a balance from another CC their is no fee. But wait the APR charges start at the moment of transfer. I'm going to give them a try cause I have so much time vested, but "No Hassle" might be a stretch. At least No Annual Fee was easy to understand. | |||
