Think twice before using that 0% transfer check

After being screwed from Chase for over a year at a rate of 29.99% (remember universal default), today I receive a bunch of checks from them to use my free balance for a balance transfer at 3.9% until it is paid off...Tempting? Well reading through the fine print (learned an expensive lesson by not reading before), I noticed a very vague disclaimer that allows them to raise the 3.9% to any rate in case of default. Note that default does not mean not paying the card on time, or not paying according to terms. Chase defines default as anything in your credit report that can alert them to potential credit problems including high balances, or a late payment at an unrelated account. These guys are good so watch out!

What a clever way to transfer your lower rate balance to them for 3.9% for a few months until they come back and ask you why you used it and why you borrow too much? I will never forget a call I received from Chase asking me why I have used my credit card up to 80% of my available balance. Why would they give you that credit if they are afraid that you are going to use it? Go figure...