An independent card industry analysts speculates that other bank card issuers will follow Bank of America's recent move to charge a 4% fee on balance transfers.

"Bank of America's move to increase the fee on a balance transfer could set a precedent in the industry," said Bill Hardekopf, CEO of LowCards.com, an internet site which helps consumers find the lowest rate cards. "A few years ago, most issuers had a cap on the fee for a balance transfer of $50 to $75. Then, this moved to a 3% fee. Now we wouldn't be surprised if other issuers follow and make 4% the standard fee for a balance transfer," he added.

"It will cost a Bank of America customer $200 to transfer $5,000. Since the fee is rolled into the balance, you will also have to pay interest on this fee. This is bad news for consumers because transferring a balance to a lower rate card is one of the options for lowering their interest payments and paying off their debt."