A balance on my Citibank credit card built up after investing in a fixer upper home in western Pennsylvania.
Then we got an offer in the mail from US Airways for no interest charged on balance transfers. That meant we would get frequent flyer miles and get free tickets to fly from LA to Pittsburgh.
My wife and I both transferred our balances and we got enough frequent flyer miles to get our free tickets. But we also got something else . . . a hefty transfer fee.
Wait! I called the US Airways number and they explained our payment was late so the no interest rate, fees, etc didn't apply.
Here's the rub. Our Citibank card was normally due somewhere between the 15th and the 20th of each month. However, the new US Airways card we received came to our house at the end of August.
We didn't realize the due date was September 8th. So we paid the middle of the month as normal.
Even though I called, asked to speak to a few different people and we have an excellent credit score, nevertheless, the fees applied.This is a good example of one way credit card companies can make offers and then take them away.
So beware when you get a free offer of some sort from a credit card company, make sure you know all the limitations. Otherwise, forget the free offers and find ways to pay down your balance and improve your cash flow for the long term.
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