Wow Citizens is really trying to charge interest on.....

[AzCreditGuy]

So I just got a huge suprise on my BT I did with Citizens. I did a BT for $4500 and was charged a BT fee of 5% which was $225

I noticed a $3.75  interest rate charge that was being applied to the $225 BT fee and I when I called up, I was told that since my account has been opened for a while now I am out of the introductory period??? And they state this on the BT offer 

**bleep** is this garbage? I have never been paid any interest on the BT fee with other banks that I have done a BT with? 

Has anyone else experienced this? 

[coldfusion]

I guess they aren't kidding when they state that their policy is to suspend the grace period on their cards when a balance transfer is in play unless all charges including the BT are paid off in full by the next statement date.   :-(

[Kforce]

Would think the 5% fee was enough.

No....  they need a few dollars interest on top.

[AzCreditGuy]

I end up saving the promo check veribage....I missed what I highlighted, but never would I think they are talking about when I opened my CC account. I find this pretty shady AF since my account was opened in 2019 and they know that my account is no longer in the introductory period...WOW 

[Xanthos472]

Ran into this myself when using a BT check. When I spoke with a rep, he said this is standard and that the solution is to pay the BT fee off right away. Once I paid the BT fee (plus a little bit over, just in case) it acted like any other BT offer.

[AzCreditGuy]

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@Xanthos472 wrote:

Ran into this myself when using a BT check. When I spoke with a rep, he said this is standard and that the solution is to pay the BT fee off right away. Once I paid the BT fee (plus a little bit over, just in case) it acted like any other BT offer.

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Its not standard because I have never experienced from B of A, US bank , Wells Fargo, etc 

 I find this a shady nickel and dime tactic that Citizen’s Bank is using. I just got another offer for a BT and again this verbiage is on there? It might be standard to add that verbiage on the BT offer, but is it also standard to send out offers to its consumer base who are out the of the “introductory period” for over 5 years on these offers? Shady AF

[Xanthos472]

Oops sorry I meant standard for Citizens.

[AzCreditGuy]

Just had a call with Executive customer service, whom stated that the fee is just that and that’s what it is? They had zero explanation of the shady wording of “introductory period” and told him, mine was 5 years ago.

I had emailed Tim Perry, Chief Executive Officer and President of Citizen's, to my displeasure of the wording and he had someone call me, which resulted in nothing but him taking my feedback.

I will pay the card off and never use it again for any BT offers. Just an FYI for others who are unaware of this and may have larger BT fees that will have interest fees

[Chris87]

I have a business LOC with Citizens, and I encountered something similar. When I first opened the account, they charged a one time origination fee. When I received the first statement, I realized that interest had accrued on this charge. I ended up calling the same day to pay it off. I never encountered this with another lender, and I thought it was a pretty ridiculous that they would charge interest on an initial origination fee. Had I known, I would have paid it off the same day it posted.