The simple answer to the title of this entry is a resounding yes. Credit card companies appear to be further tightening credit standards. Reports of lower credit limits, lower acceptance rates, and a wide number of companies not approving people who live in Florida, California, Nevada, and other states hit by falling home prices are everywhere.
To add insult to injury, many credit card companies are continuing to pull back on the length of 0% credit card offers. Just one year ago, credit card companies were trampling over one another to hand out 0% interest rates on purchases and balance transfers for a full year. Now, many companies have scaled back the introductory period on purchases to 6 months. As to balance transfers, a few companies are still approving people, but all of the 0% for a year, no fee balance transfer deals are now five months removed from the market.
The first 8 months of 2008 have not been great for credit card shoppers. However, people who maintain high credit scores, low debt levels, and a solid credit history are still getting great offers. In this credit mess, it is the people who lack prior credit or who have a slip up or two who are getting hurt.
Overall, however, consumers looking to save money with a 0 APR balance transfer can still get approved if they have good credit. The next question is: will 0% credit cards be available three months from now? That is a question only time will answer.
For more information and to compare current balance transfer offers, please see the 0 APR balance transfer section of SmartBalanceTransfers.com.
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