Although consumers are typically more focused on spending money than saving money with balance transfers during this time of year, credit card companies continue to aggressively pursue new consumers with 0% balance transfer offers. This November, Chase unveiled a 0% APR no fee balance transfer version of Chase Slate. This is the first such offer made available by a major bank since February. Meanwhile, Citibank and Discover continue to offer 0% rates on balance transfers and/or purchases lasting up to 21 months.

Consequently, November is a good time for consumers to preemptively take advantage of 0% APR credit cards in the event the market deteriorates following the holiday season. Given the large number of cards offering 0% rates on purchases as well as balance transfers, utilizing this type of credit card now can also help eliminate the need to pay a 3% transfer fee on balances accrued during the holidays on high rate cards if a 0% card is needed down the road.

Average 0% Offer Durations & Fees in November

As a result of the introduction of the Chase Slate no fee balance transfer offer, average balance transfer fees fell to 3.1% this month, down from 3.26% in October. However, because the Slate card offers a relatively short introductory period that lasts either 6 or 12 months, the average length of 0% offers also declined slightly from 12.16 months to 12.08 months.

Compare November’s Best Balance Transfer Offers Continue Reading »

I stumbled upon a great web posting today at the Myfico forum. The posting contains a list of what they call “backdoor” customer service numbers. Essentially, these numbers get you past the fumbling, useless, barely coherent customer service representatives that have no power and put you on the line with people who can make decisions.

Using these customer service numbers isn’t a magic bullet that will solve all your credit card problems. However, you may find that the people who answer these numbers are more capable of explaining and resolving your complaints than the reps you usually deal with.

Here are “backdoor” credit card customer service numbers for some of the largest issuers:

Bank of America Credit Card Customer Service Numbers:

Two numbers I found for Bank of America that should be helpful are 1-800-718-6072 which should connect you to a credit analyst. The second is 1-888-645-6733 which is for new application reconsideration after denial. Continue Reading »

Despite significant increases in credit card interest rates and fees during 2009, Bank of America reported today that credit cards continue to be a significant source of losses for the bank.  During the bank’s fourth quarter, its card services department posted a loss of $1 billion dollars as credit card write-offs remained elevated.  Of the largest six credit card issuers in the country, Bank of America currently has the highest write-off percentage.  Continue Reading »

My wife got an unusual offer from Bank of America in the mail yesterday for a WorldPoints Platinum Plus MasterCard.  Instead of a typical 0% balance transfer offer, this credit card offered a 0% APR or a 2.99% APR on balance transfers, depending on a review of her credit.  The offer, which came with a 4% balance transfer fee, would not be bad if it were for a 0% balance transfer.  Unfortunately, she would not know if her balance transfer interest rate was 0% or 2.99% until after she applied.

Given the 4% balance transfer fee, this was either a decent offer or a relatively poor one.  If she were to get the 2.99% balance transfer rate, she would effectively be charge 6.99% for the balance transfer.  Other companies that offer 0% rates for a year and charge 5% fees are clearly a better deal, as this would save her about $100 on a $5,000 balance transfer. Continue Reading »

All year long, credit card companies have been raising balance transfer fees, cash advance fees, interest rates…just about anything that could go up, has gone up.  Despite all these changes, many credit card companies remain rightly petrified about the new credit card laws which will take full effect in February.  In response to this, Bank of America was the first company to come out and announce that they will be charging annual fees.  However, we’ve yet to hear from anyone who has been charged these fees and would love to hear from anyone whose Bank of America credit card now has an annual fee. Continue Reading »

Ever since the Credit Card Act of 2009 hit the floor of the House of Representatives, credit card companies have been scrambling to rework their business models.  The result:  millions of consumers are paying higher interest rates, credit limits have been slashed, and millions of people are being denied for new credit.  These new “consumer friendly” credit card laws have led to increased fees for credit card transactions ranging from international purchases to balance transfers.  And 0% introductory rates, particularly 0% balance transfer offers, have been reduced dramatically.

Now, thanks to the meddling hand of Uncle Sam, annual fees will soon be added to the lists of new costs levied on American consumers.   According to Forbes, Bank of America will soon be charging annual fees on some credit card accounts. Continue Reading »

When a credit card company offers you an interest rate opt out, it is often better to opt out then endure the new rates, especially if you have a large balance.  Consumers with smaller balances that can be paid off may benefit from keeping the card open and paying it full each month as a means to keep their credit score from being damaged.  However, if you have a substantial balance, by all means opt out of rate increases.

During the past year, I’ve heard from hundreds of consumers who weren’t sure what to do.  However, a comment posted today reminded me just how important it is to opt out of rate increases if you carry a balance that you cannot quickly repay.  Here is a horror story posted by Gale:

“I have a Bank of America card. I have payed my payments on time and have never gone over my limit. My apr was 7.9% for years. They just recently they decided to raise my apr to 23.9% it has doubled my payments. Continue Reading »