LA Times reports that JPMorgan Chase is raising fees for balance transfers and cash advances. This seems to be in response to the credit-card law President Barack Obama signed May 22. Credit card companies anticipate losing revenue due to the new law and are compensating by raising fees.
JPMorgan Chase & Co. is raising some balance-transfer fees on credit cards to 5 percent, the highest among the nation’s largest banks, citing increasing regulations and costs after the U.S. put new curbs on the industry….
“This is the highest balance-transfer fee in the industry,” said Bill Hardekopf, chief executive officer of LowCards.com, a Birmingham, Alabama research firm.
Be sure to know the fees your credit card company charges before you take any action that could cost you a lot of money. Or better yet, get out of debt and stop using credit cards altogether.
