A few recent articles have discussed the possibility that 0% APR balance transfers may become scarcer in the near future. One, from a UK paper, notes that 0% balance transfers have all but completely disappeared from the market.

A second, on MSN money, is more pertinent to US residents. In this article, author Liz Pulliam Weston cites Chase bank officials who have publicly stated that they will be making it harder for individuals with a history of using balance transfer offers to obtain one from Chase. On top of that, many banks have heightened requirements for credit approval, saving the best offers for those with the best credit.

As the “credit crisis” evolves, credit availability may become an issue, especially for individuals with borderline credit. If you think you fall into this category, now may be the time to transfer high rate balances to a 0% APR credit card as these offers may soon become quite elusive.

For more information on current balance transfer offers, please see the balance transfer credit card section of Smart Balance Transfers. There, you can compare current offers from major US issuers.

Once upon a time, when credit was easy and banks were giving money away, at least one credit card company offered a 0% APR on balance transfers for life. A recent email inquiry led me to investigate whether or not such offers still exist. What I found was, well, a lot of confused and persistent rumors.

Let me begin. Many web forums have discussions about these 0% for life credit cards. If what they say is true, Discover once offered a 0% APR for life on balance transfers. The one condition was that a person made monthly purchases which would be charged the standard interest rate. The most recent postings about these offers stem from early 2005, with most of them coming earlier.

Now, perhaps these offers did exists then. I couldn’t imagine anyone on the internet making something up. So I called Discover to find out if I could get a 0% for life. And then I called them again. And again. And again.

In total, I logged a lucky eleven calls to Discover, all of which garnered the same answer: NO.

Apparently, no one knows about the card and no one remembers it. And, as one customer service rep put it, “that’s the worst business idea I’ve ever heard.”

So it seems the 0% for life credit card is about as real as that UK lottery I win two or three times a week. No credit card, especially in the current environment, wants to be in the business of giving money away. We’re lucky we can still get 0% APRs on purchases and balance transfers for a year.

Unfortunately, I would suggest to those looking to get a 0% APR for life to give up the wild goose chase. If you want a 0% APR for life, keep your credit good and take advantage of introductory rates. That’s as close as any of us mere mortals can hope for.

For more information on all current 0% APR credit cards, you can compare offers in the credit card comparison section of Smart Balance Transfers.

With the “credit crunch” dominating headlines, many people may find it more difficult to get approved for a credit card. According to a recent article in the Wall Street Journal, major credit card companies have reduced their approval rates from 40% to 32%. This translates to a 20% overall drop in approvals.

My question to readers is this: have you had difficulty getting approved for a credit card recently? Any feedback would be appreciated. Feel free to post here or send us an email with your thoughts.

On Friday, February 15th, yet another 0% apr no fee balance transfer offer will be removed from the market. This time it is one of the best offers available, the Citi Home Rebate card. This credit card offered a 0% APR on balance transfers for a full year.

Once Friday comes, there will only be two solid 0% APR, no fee balance transfer offers left on the market, neither of which offer a 0% interest rate for 1 year. These no fee cards offer 0% rates for 6 and 9 months respectively.

If you’re looking to transfer a balance to Citi Home Rebate card before the no fee balance transfer offer expires, you can do so at SmartBalanceTransfers.com before the offer expires. Additionally, you can view all current no fee balance transfer offers at our website at any time.

According to a BusinessWeek article released today, Bank of America has dramatically raised interest rates on a number of cardholders. In the article, a number of consumers with solid credit histories and a record of consistent payments reported that their interest rates have nearly doubled, with many cardholders being slapped with rates as high as 28%.

Consumers hit with an interest rate hike by Bank of America were offered the opportunity to lock in their current rates if they opted to no longer use their cards. However, finding out if you’re rate will be increased and preventing this from occurring has not been made particularly easy, as Bank of America sent notices without reply envelopes and offer no way to lock in current rates via phone or online.

If you hold a Bank of America credit card with a balance, be sure to call and make sure your interest rate has not been increased. Since Bank of America sent notices through the mail, there’s always a chance you may have tossed the envelope in the garbage with the rest of you junk mail. Better to be safe than sorry in this situation, especially given the massive interest expense a 28% APR would create.

Another way to avoid this issue is to transfer your Bank of America balances to a credit card issued by another company. There are a wide range of credit cards offering 0% interest rates for 1 year on purchases and balance transfers. You can compare balance transfer credit cards in the main section of SmartBalanceTransfers.com.

Also, please feel free to email us or post about your own experiences with Bank of America. Any information you provide can help other readers keep money in their pockets (and out of the banks coffers.)

I received an email from a visitor detailing a bad balance transfer situation that she wanted me to share with other visitors. The visitor received a mail offer from her current credit card company offering her a 0% APR on balance transfers for 1 year. When she received the offer, she had a $5000 balance with the company extending the 0% offer and a $3000 balance with another company. Hoping she could save some money and consolidate her payments, the visitor initiated the balance transfer. That’s where the problems began.

First, she was charged a $75 balance transfer fee. If you’ve been here before, you know I strongly recommend no fee balance transfer credit cards. However, the $75 in balance transfer fees was only the tip of the iceberg. When the visitor made payments to her consolidated credit card bill, she was surprised to find out that every dollar she paid reduced the portion of her debt being charged 0% interest, not the balance being charged 14%. Fortunately, she realized this nasty credit card trick after only a few statements.

After finding my site on Google, she applied for a no fee balance transfer card and sent me an email asking that I share her story with my visitors. I was more than happy to oblige as this highlights one of the nastiest little tricks in the credit card industry. Buried in the fine print of just about every credit card’s terms and conditions will be a statement such as this: every payment will be applied to the balance with the lowest interest rate. In a nutshell, this means that if you have a balance on your credit card and you are offered a 0% balance transfer deal, you’re best off putting it in the shredder and consolidating your credit balances on a new 0% APR credit card that charges no balance transfer fees.