Is there a monthly maintenance fee on low-rate promotional balances?
(Chase had implemented a $10 per month fee in early 2009, but dropped the practice almost immediately in response to public outcry.) Representatives from Discover (1) Miles and (2) More Platinum Cards said that yes, there could be a monthly maintenance fee on low rate promotional balances. Our surveyors could not obtain an answer to this question from Everbank, HSBC and Simmons First National Bank. Are there any conditions I need to meet to keep the lower rate? If yes, explain. Based on the issuers’ fine print and oral answers, we received responses to this question for 26 cards: • American Airlines FCU, Visa Platinum Rewards Cards: If 30 days late or past due twice in 12 mos. APR goes to 18% • American Express, Delta Skymiles Platinum: Pay on time • American Express, Clear Card: Pay on time • Bank of America, Platinum Plus Visa: Pay on time & do not go OTL (over limit) • Bank of America, Accelerated Cash Rewards American Express Card: Do not pay late, do not go over the limit • Bank o
