Want bad news? Open mail from your credit card company or search online for a balance transfer credit card. Along with increased balance transfer fees, many credit card companies have been sharply decreasing the duration of 0% balance transfer offers during the past two months. Here is a roundup of current offers from some of the largest banks as of July 24th, 2009:
Discover: Offers a 0% APR on balance transfers for up to 6 months with a 3% fee on certain products as well as a 3.99% APR for a year on others.
Citibank: Offers a 0% APR for 6 months on certain credit cards for both purchases and balance transfers. 3% fee.
Bank of America: Offering 0% rates for 7 to 10 months on balance transfers with a 4% fee on certain credit cards.
Chase: Offering a 0% APR for up to 12 months on balance transfers, although applicants may be approved for a 3 month 0% rate and Chase recently sent out notices stating they can deny balance transfer requests if they so choose. Beginning August 1st, balance transfer fees are slated to rise to 5%, presumably to deter potential balance transfers.
American Express: Offers a few low rate balance transfer offers at 2.99%.
All of these offers are significantly less generous than those offered just a few months earlier. At the beginning of the year, just about every major credit card issuer offered 0% balance transfers lasting for 12 months. Additionally, balance transfer fees have risen from a maximum of $75 with most companies to as much as 5% with no maximum fee.
To make matters worse, credit card companies are increasingly unwilling to extend credit, as a recent OCC survey of bank loan officers reports that 68% of banks have made it more difficult to get credit card approval.
Given the recent interest rate and minimum payment increases being passed on to consumers, getting approved for a balance transfer credit card, even one with significantly less generous terms, is growing more difficult by the day.
For more information on current balance transfer credit cards, please use the navigation on your left to peruse offers and apply online.
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