Folks who can't snag the best deals will find themselves paying hefty APRs unless they can get rid of balances quickly. For example, after six months Bank of America's standard MasterCard goes from 3.9 percent fixed to a variable rate ranging from 16.65 to 21.65 percent. Balance transfers to MBNA's Platinum Plus MasterCard go from 3.9 percent to 15.99 variable after four months. Balance transfers are tricky. Card shoppers who want to move balances must read the fine print carefully and call the issuer for explanations if necessary.
Some issuers monitor credit reports for slip-ups.
Card contracts are difficult to decipher, but balance transfers make them even cloudier. The sentence baffled a few industry insiders and a couple of MBNA customer service representatives. A customer service supervisor cleared up the confusion. Some customers have more than one account with us. We don't allow our own customers to float money.