Monday, July 16, 2007

Be Carefull about 0% Balance Transfers

I got an offer from Capital One a couple of months ago to make some one year 0% interest transfers to my Cap 1 card. I had some expiring 0% balances from a Lowes card and a 9.9% balance on an AmEx, so I decided to take advantage of the offer.

This past weekend I perusing my statement and noticed the interest rates on my Cap One card were the same for the entire balance. So I looked back at the last couple of statements and sure enough they had not applied the zero percent to the new balance transfers. I called Capital One and they told me there was a glitch in their system and they would take care of it. It sounded like a large glitch, not just for me.

So if you have transferred money to Capital One recently expecting to get a zero percent interest rate - better double check your statements!

1 comment:

CrediThinker said...

Luckily I came over your post !:)
Thanks for the advice. It once again proves that you should be very careful with your money.