O% Balance Transfer Arbitrage: My $557 Mistake!
Talk about penny wise and pound foolish.
I just wiped out most of my gains from the past 10 months of 0% balance transfer abritrage!
In the process of updating my excel spreadsheets for May I was checking my email and noticed that I had received an email from Bank of America letting me know my next statement was due.
I didn’t think anything of it except that I noticed that the minimal payment had jumped from $320 to over $800. Not a good sign! I quickly logged on and pulled up the most recent statement and confirmed that they had bumped my balance transfer rate from 0% to 19.99%. OWCH!.
I keep good records and I was sure that I had not initiated these transfers until July 2007 which I quickly confirmed. When I went back and read the details of the offer it was clearly stated that the offer ended in May 2008.
Apparently I should read some of my old posts more often. If you read the last line of this post, it is pretty clear that I knew that the balance transfer expired in May.
A phone call to customer service was to no avail.
For those that are keep track at home, the 2 results of my balance transfer arbitrage:
About $500 in interest
A much lower credit score!
I guess there is some truth to the rumors of doctors being bad with their money!
