We’re keeping an eye on the banks for you and calling out any sneaky changes they’re trying to make in the fine print. We also wrap up other news from the week as well as share some of our favorite posts from around the web.
Fine Print Alert
Barclaycard launched a 24-month balance transfer offer, with a 4% fee. This is one of the longest 24-month balance transfer offers on the market. You can read the full review here.
And the not so good
Taking a cash advance on a credit card has just become more expensive at Bank of America. On a number of credit cards, including the Cash Rewards Credit Card for Students, Bank of America has increased the highest APR for cash advances from 22.9% to 24.9%. As banks continue to hunt for revenue, expect interest rates, especially for cash advance, to continue its upward march.
MagnifyMoney News Wrap-up
Nick analyzed Pew Charitable Trust’s recently released report on bank overdraft fees.
Brian lists the five things you need to do after completing a balance transfer (#2 might surprise you).
Erin explains why it sometimes makes sense to let your credit score drop a few points.
This week’s Consumer Watchdog, Goofski overviews how the bank’s rarely negotiate. It often makes more sense to try a balance transfer instead of just looking for them to lower your interest rate by a few percentage points.
Stories from around the web
Kick off your Friday with some great personal finance stories from around the web.
Our team had a few stories go live on other sites:
- In 30 Minutes, She Cut Her Credit Card Debt by $3,128 by Nick on DailyFinance
- The Case for Budgeting: Keeping Your Financial House in Order by Erin on ReadyforZero
Here are a few we enjoyed reading from the last two weeks:
My Worst Money Mistakes – Holly from ClubThrifty opening discusses some of her embarrassing money mistakes. We found the $1300 vacuum particularly amusing.
The Small Trick That Will Save You Big Bucks on Plane Tickets – Matt Becker from Mom and Dad Money illuminates a new travel hack we’d never heard about before.
Spent: Looking for Change – Aldo from Million Dollar Ninja reviews the new American Express sponsored documentary Spent: Looking for Change. These documentaries are really important to us. We were so inspired by the documentary Paycheck to Paycheck that we went down to Chattanooga, TN to see if we could help make a difference.
What I Learned Working for Michael Jordan – Steven from Even Steven Money talks about the money lessons he learned on the links while caddying for the legendary Michael Jordan.