I recently called to do a balance transfer and was told by an account manager that I would be subject to a 3% transaction fee no more than $75 for each transfer, which was not a surprise to me since this was included in my terms and conditions sent with my card member agreement and in the promotional letter sent with my application. When I asked for the total of my fees I was shocked to find out I would be charged $75 for a $1,000 transfer. When I brought up that 3% of 1000 is 30, I was then told that the transfer fee was 3% or $75 which ever was greater with a $75 cap. When I stated that the terms and conditions provided in my terms and conditions table from DMB in writing states "The fee for each balance transfer is 3%, not to exceed $75.", which is also listed on the website, where I was directed to look by a representative. I was told that the information I have is not correct. AS well if the fee would be 3% or $75 which ever is greater, with a $75 cap wouldn't the fee for any transfer at any amount always be $75, making the 3% in the terms unnecessary? I elected not to do the transfers and contacted customer service and spoke with a very friendly man who saw the terms as I and checked with another account manger to inquire why I would be told any different, who told him that they did not know what fee I would be charged, that it is up to the computer system. The rep also told me that even if I sent or faxed a copy of the terms and agreement sent to me that the fees would not be adjusted due to system limitations and that the company may try to make it up to me in another way. This concerns me not only with this balance transfer, but also with all the terms. If they could elect not to honor this, without notification by C.I. T, couldn't they not honor all of it. Making my cardmember agreement, my contract with them, void for all intents and purposes. This is less than poor business practices. If they are not bound by the card member agreement and other communications, why should I be. I refuse to get ripped off first in the hopes that the company will be gracious enough to correct their error later.
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