Don't Get Burned by Your L.L. Bean Loyalty

LL Bean has recently changed credit card companies and their customers who made the switch may risk getting burned by large fees in transferring the debt on their old LL Bean card to their new card.

In June, LL Bean stopped doing business with its former credit card company, Bank of America, who had purchased MBNA which held the LL Bean account. As a result, customers who held the outdoor company themed card received an offer to apply for a new LL Bean credit card, and continue receiving $10.00 vouchers for every $1000 spent on the Visa credit card. Those that took up the offer to get the new card, managed by Barclay's Bank, received their cards and "courtesy checks"

Buyer beware, courtesy checks come with a price. Though customers may assume that by using one of these, they're brining their debt from one LL Bean card to another, they're wrong. Consumers are being charged 3% of the courtesy check up to $50, customers transferring as little as $1700 would be hit with the maximum fee. Balance transfers also come with benefits too, as for the first six months of the new account (not from the balance transfer) balance transfers have 0% interest.

As always with credit cards, read the fine print. Don't assume that because your favorite company has changed credit card companies that you'll get to bring your debt with you for free.