Banks Transaction Fee

There’s a one-time fee of $5 or 3 percent, whichever is greater, per transaction, according to Citigroup’s terms. Wells Fargo is extending similar offers at rates from zero percent to 6.9 percent, according to spokeswoman Lisa Westermann, who declined to provide further details citing proprietary concerns.
Customers should avoid such transfers unless they’re sure they can meet all minimum monthly payments and pay off the balance in full before the promotional rate expires, said Travis Plunkett, legislative director of the Consumer Federation of America, which advocates for consumers.

The Bank of America offer jumps to 22.99 percent at the end of the teaser-rate period in June, and the Citigroup promotion switches to 14.99 percent on unpaid balances in February 2013.

“It looks like they’re giving away the farm,” with the offers, said Ben Woolsey, director of marketing and consumer research for CreditCards.com. “On the small percentage of people who don’t pay it off on time, they make a killing.”