My $120 balance transfer ended up costing me $340 in fees

I moved a debt to a new card back in March thinking I'd dodge interest for 12 months. Read the fine print wrong and missed that the 3% fee applied every time, not once. Paid off the balance in June but the damage was done. Anyone else get burned by those promotional terms?

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the_tessa25d ago

Are you sure it was charged every time though? Most of those promo balance transfer fees are one time upfront, like 3% of whatever you move over. So on $120 I'd expect a $3.60 fee, not hundreds. What probably got you was either a fee on each separate transfer you made, or the promo rate ending early because of a missed payment or a late one. I've seen cards where one late payment kills the whole 0% period and jumps you to like 29%. Worth calling them and asking for a full breakdown of every charge, because $340 on a $120 balance does not add up from a single 3% fee.

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