0% APR on balance transfers?

Posted By: Jokerman

0% APR on balance transfers? - 12/10/03 07:25 PM


How can a solicitation advertise a "0% APR on balance transfers" if there is a 3% balance transfer fee? Why would a transfer fee not be considered a finance charge?
Posted By: New Hat

Re: 0% APR on balance transfers? - 12/10/03 09:48 PM

Assuming this is open-end credit under Reg Z, then the advertised APR is based on the annualized periodic rate, without regard to what fees are charged.