Just a few months ago, most credit card companies had cut 0% APR credit card offer durations to as little as 6 months.  However, Citibank recently began offering a 0% APR for 15 months deal on its Citi Platinum card.  Unfortunately, this particular 0% for 15 months offer is not all its cracked up to be.

Like many advertised 0% introductory offers, this credit card advertises a 0% APR for up to 15 months on balance transfers and purchases.  In the fine print, however, one quickly learns that only some applicants will qualify for the 15 month 0% interest rate.  Continue Reading »

Recently, a number of consumers have reported issues with balance transfer deals offered to them by their current credit card companies.  One consumer recently informed Smart Balance Transfers that a balance transfer/cash advance check mailed to him bounced when he tried to use it.  Another consumer reported that she was offered a low rate balance transfer from her current credit card company that led to a credit limit decrease and a rejection of her balance transfer.  This latter incident is a cause of concern. Continue Reading »

In the months leading up to the recent implementation of the new credit card rules, credit card companies significantly reduced the length of 0% interest balance transfer offers.  Many companies that had previously offered 0% interest rates for a year reduced the average length to about 6 months, while most companies increased balance transfer fees to as much as 5%.  During the next few months, it is likely that credit card companies will be experimenting with balance transfer offers as they try to figure out how to make profits while still offering long term 0% rates. Continue Reading »

If you carry a balance on your credit card, you are almost certain to save money by transferring your higher rate balance to a card with a lower interest rate.  With credit card interest rates sky-rocketing recently, you may be wondering what you can do to protect yourself and your money. It’s true that credit card issuers are under the gun with the new credit CARD act of 2009. The good news is that credit card companies are still interested in obtaining new credit-worthy customers and many are offering sweet deals to do so. By doing a little shopping around and comparing the credit card balance transfer rates available right now, you may be able to save yourself hundreds or even thousands of dollars a year. Continue Reading »

With the CARD Act taking effect today, long term 0% balance transfer credit card offers may be one step closer to extinction.  Since the CARD Act began to gain traction in early 2009, credit card companies have been raising rates on their current customers while lowering the quality of available offers to new customers.  The primary changes, where balance transfers are concerned, involve the shortening of 0% interest rate periods and the increase of balance transfer fees. Continue Reading »

Even if your credit card debt seems manageable, are you really aware of how interest payments affect your wealth in the long run? The cumulative effects of debt interest can impact your savings more than you think.

Credit card debt is a fact of life for most Americans. In fact, one in three households carries credit card debt of more than $10,000. Add to this the fact that the average interest rate on credit card debt is nearly 15% and rising, and we can see a potential for economic catastrophe. One solution to this looming crisis is education – more Americans need to learn about the potentially destructive effects high interest payments have on their wealth, and what they can do about it.  Continue Reading »

Although many credit card companies have sharply reduced the length of 0% balance transfer offers, balance transfer fees continue to rise.  In 2008, some credit card companies charged no fees on balance transfers, although most charged a 3% fee with a $75 maximum per transaction.  In 2009, many credit card companies did away with $75 maximums, and some began charging 4-5% balance transfer fees.  Today, most credit card companies are charging 4-5% balance transfer fees for 0% rates that last as little as 6 months. Continue Reading »

0% balance transfer offers provide credit card users the opportunity to shift debt from high interest credit cards to ones with low introductory rates for up to 12 months.  Unfortunately, credit card companies are increasingly placing a very important, yet easy to overlook asterisks next to 12 months.  Because of this fine print trickery, a 0% for 12 months* may actually be a 0% for 6 months. Continue Reading »

Credit limit reductions were common in 2009, as credit card companies acted preemptively to limit potential exposure to customers who might start using available credit to pay for living expenses.  This led to a wide range of problems and the most heart wrenching credit card complaint ever received at Smart Balance Transfers.  Recently, complaints about credit limit reductions started trickling in.  If past is prelude, it is very likely that an epidemic of credit limit cuts is on the horizon. Continue Reading »

After a year of massive interest rate increases, the balances Americans are carrying on their credit cards are likely to generate substantially more interest expense in 2010 than many would like to confront.  Just how much interest the average person will pay this year varies on which statistic you choose to measure.  A widely used number of $8000 of credit card debt per U.S. household being charged the current average interest rate of 14% will likely spend around $1,000 just to pay credit card interest.  At a 20% interest rate, the “Average Household” will spend close to $1500 just to keep up with interest. Continue Reading »

In the world of credit cards, few things sound better than 0.0% APR. Credit cards, which have no finance charges are among the most sought after things one can have in his or her wallet or purse. However, many people are turned off by balance transfer fees, which can run as high as 5%. Don’t be. Given your current finance charges, that fee can be offset sooner than you may think. Continue Reading »