Around this time last year, the CARD Act was gaining steam in the legislature.  At that time, the Dow and S&P 500 were touching decade lows and anger towards our nation’s banks was peaking.  Smelling blood in the water, Congress seized upon the populist backlash against banks and pushed through the reforms of the CARD Act at exactly the wrong time. 

Since its passage last spring, the CARD Act has done nothing but damage the balance sheets of American households and will likely prove to be a large impediment to our country’s recovery.  Here are just a few reasons why the CARD Act, despite its noble intentions, is a colossal failure. Continue Reading »

Most of us who receive our new credit card in the mail do the same thing; call the activation number and peel off the sticker. Ready for use, right? Well, not if you want to risk activating a credit card that might not be what you applied for.

A credit card’s terms and conditions, part of the cardholder agreement, is a legal document that you are bound to as soon as you use your new card. Have you read the fine print and legal jargon contained in this contract? If you are like most Americans, you haven’t. Knowing your rights and obligations under this agreement is the only way to protect your money and your credit from harm. 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 »

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 »

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 »

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 »

After a tumultuous 2009 during which credit card complaints spiked to unprecedented levels, consumer complaints have decreased significantly in 2010.  Much of this decrease can likely be attributed to the fact that most credit card companies wrapped up complaint generating rate increases during the final quarter of 2009.  The rest can be attributed to the fact that the new credit card laws will sharply inhibit the ability of credit card companies to engage in complaint creating behaviors. Continue Reading »