Credit card companies are becoming increasingly generous with 0% balance transfer offers.  A year ago, the longest 0% balance transfer offers lasted between 6 and 12 months.  Today, it is possible to get a 0% APR for 18 months on balance transfers and purchases.  While only one major credit card company is offering these long 0% introductory periods, it is quite possible other credit card companies might follow suit.

Currently, the longest 0% balance transfer deals come from Citibank.  At 18 months, these deals are 30% longer than most competing offers.  A person who transfers $5,000 from a credit card with a 14% interest rate and qualifies for a 0% for 18 months can expect to save over $1,000 during the introductory period.  This is nearly $400 more than could be saved with a 0% for 12 months. Continue Reading »

First PREMIER® Bank raised eyebrows late last year when they marketed a credit card with a 79.9% interest rate. The subprime credit card issuer rather quickly ceased this “promotion” but has continued marketing subprime credit cards loaded with fees:  program fees, annual fees, monthly maintenance fees, and even an automatic credit limit increase fee that amounts to half of any credit limit increase.  And then the offers disappeared. Continue Reading »

When a customer service representative at your credit card company lies to you on the phone, you essentially have no recourse.  I learned this firsthand in February when my credit card number was stolen.  On my first call to customer service, I was told a new card would be overnighted to me.  On my second call, three days later, I was told it was overnighted to me earlier that day.  On my thirdcall, I was told the card was overnighted to me the day before. 

A week after my first call, the credit card arrived via snail mail.  And I wasn’t the lest bit surprised. Lying, it seems, is a skill overseas customer service reps are required to list on their job applications. Continue Reading »

During 2009, over 500 credit card complaints were posted on Smart Balance Transfers.  Of those 500, 2 were directed at Discover.  While other credit card companies were doubling or tripling interest rates, adding annual fees, and pushing consumers toward the brink of financial ruin, Discover was essentially conducting business as usual.  They treated their customers well and avoided the temptation to gouge them before the new credit card laws took effect.  Why?  In my opinion, its because they had to. Continue Reading »

Today marks the first day that credit card companies must adhere to the CARD Act, and perhaps the beginning of the end of good credit card offers.  For over a decade, consumers with good credit have enjoyed low interest rates, 0% introductory rates lasting 1 year or more, and fee-free credit cards.  From the moment the CARD Act gained traction in Congress, these benefits have been dwindling. Continue Reading »

Recent feedback left by visitors of Smart Balance Transfers regarding new annual fees on Citi credit cards is providing a clearer picture of the situation.  At present, visitors are reporting that the annual fee is $60, is due to take effect in April, and that they have low balances on the card and very high credit scores.

As noted in an earlier story about Citibank annual fees, the annual fee may be credited to certain accounts if spending is sufficiently high on the card.  However, many people have reported that they intend to close their accounts rather than pay the annual fee. Continue Reading »

In a move that will likely be replicated by its competitors, Citibank has begun charging annual fees on some credit card users.  The new annual fee, according to a source who has received notice, is $60 and can be credited back if enough money is spent on the card over the course of a year. Continue Reading »