Are balance transfer fees negotiable?

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Carduser
 
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Are balance transfer fees negotiable?

Postby Carduser » Thu Jul 02, 2015 9:56 am

Your site lists a Bank of America balance transfer w/ 3% fee. I've had BofA card for 20+ years, they regularly send me balance transfer checks with 4% fee. Do you know if any banks will negotiate the fee percentage they charge?


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CarefulBuilder14
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Re: Are balance transfer fees negotiable?

Postby CarefulBuilder14 » Thu Jul 02, 2015 5:05 pm

I have no experience with BofA, nor have I ever done a balance transfer, but a 4% fee sounds excessive. The only time I think it could make sense would be if you didn't qualify for most BT cards, and paying a 4% fee would get you around 2 years of 0% APR to pay down a large balance.

You haven't given enough information for anyone to give you advice.

I'm not sure if they would negotiate, but you might have better alternatives available - perhaps even with no BT fee AND a 0% APR for a year or two.
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Re: Are balance transfer fees negotiable?

Postby Carduser » Fri Jul 03, 2015 8:58 am

It seems I wasn't clear enough in this post. I'm not asking for advice. I merely wondered about the difference in BofA's quoted BT fee amounts -- they offer 3% or 4%, depending.... So if a (BofA) card holder wanted to do a 0% BT, could he negotiate the fee? And would that maybe also be possible with other banks as well?

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Re: Are balance transfer fees negotiable?

Postby CarefulBuilder14 » Fri Jul 03, 2015 6:13 pm

Carduser wrote:It seems I wasn't clear enough in this post. I'm not asking for advice. I merely wondered about the difference in BofA's quoted BT fee amounts -- they offer 3% or 4%, depending.... So if a (BofA) card holder wanted to do a 0% BT, could he negotiate the fee? And would that maybe also be possible with other banks as well?

If it happens, it's rare. People with balances to transfer tend to be beggars more than choosers. Call them and try to negotiate, but keep your expectations low.

And don't be nasty to the one person here who is even trying to help you.
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takeshi
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Re: Are balance transfer fees negotiable?

Postby takeshi » Fri Jul 03, 2015 9:25 pm

Carduser wrote:Your site

This isn't our site. We're just users of this site.

Carduser wrote:I'm not asking for advice.

Then a discussion forum is the wrong tool for the job. Call BofA to answer your question.

Kevin86475391
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Re: Are balance transfer fees negotiable?

Postby Kevin86475391 » Fri Jul 10, 2015 6:36 pm

Carduser wrote:Your site lists a Bank of America balance transfer w/ 3% fee. I've had BofA card for 20+ years, they regularly send me balance transfer checks with 4% fee. Do you know if any banks will negotiate the fee percentage they charge?


BofA routinely sends me 3% offers.

I would assume that some banks are more willing to negotiate than others. Personally, I've had good experiences with BofA being willing to raise my credit limit, lower my APR, and generally provide me with good service and useful information. I've never done a balance transfer with them though.

If you do want to do a BofA balance transfer I would recommend calling them and saying something like, "I see online/other people tell me about these 3% offers, but I'm being offered 4%. Is there any way I can get the 3% offer?" Personally I feel like they would in a scenario like that, but I guess it depends on your credit history and the particulars of your account with them.

As far as other banks go, I've generally found Discover and Chase very willing to go the extra mile with services and offers. Capital One and Amex not so much. That's just my personal experience though.

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Re: Are balance transfer fees negotiable?

Postby ingramjuan » Sun Jul 12, 2015 11:29 pm

My Discover It is offering a 3%, I would love to have a 1% or 2%.
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Re: Are balance transfer fees negotiable?

Postby CarefulBuilder14 » Mon Jul 13, 2015 12:16 am

ingramjuan wrote:My Discover It is offering a 3%, I would love to have a 1% or 2%.

Call them and ask. Some Discover accounts get "secret" designations for APR reductions (secret in the sense they won't offer that APR reduction to you unless you ask, but if you ask, they've pre-determined what they will give you). When I was fishing around for extra rewards, the APR reduction offer was clearly something the CSR had in front of her.

They may have something similar for BT fees.

My account shows 0% for 12 months, 3% fee, with the offer expiring at the end of the day. I guess that means they want to be able to change the offer at any time.
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