I Was Hit With a Big Balance Transfer Interest Fee by Chase Bank. – Mark

“Dear Steve,

I just entered the Chase Balance Liquidation Program. My card jumped to 29.4% an a $7800 balance. I was a day late on my payment twice in 6 months so this was self inflicted. The original balance was 0%/12 mo’s. I had tried to Balance Transfer a portion of it to another card with a better rate.

When I received my next statement it contained a BALANCE TRANSFER INTEREST FEE equal to approximately 22.78%! This is on top of the 5% Balance Transfer fee I paid to the gaining card. To top it off, although I paid off about 18% of the balance they raised my minimum payment more than 10%! Have you heard of this fee? Can you warn your readers?

Mark”

Dear Mark,

Are you saying that because of your default that Chase Bank charged you 22.78% of your debt you transferred to the account?