To read the complete article, please follow the link below.

http://features.csmonitor.com/economyrebuild/2009/04/23/obama-seeks-to-protect-credit-card-users/

“Thank you for this site. I just had my credit limit cut in 1/2 by Bank of America and my credit is quite good. Needless to say, I was informed verbally that this was because of changes in the company and that it would not really affect my credit score. Thanks to your site, I now understand the impact their change will have on my credit score.”

We really appreciate the feedback and are glad to be of service.  (HINT:  Send us more nice emails).

Because Smart Balance Transfers does not collect personally identifiable information from our visitors, we are unable to precisely track approval rates.  However, we have developed a number of metrics to approximate approval rates, and all of these indicators are unfortunately pointing down.

One of the reasons for the large and continued decline in approval rates can obviously be attributed to the fact that credit card companies just don’t want to lend people money at a 0% rate for a full year.  Another factor is the lack of competition.  Many credit card companies have stopped advertising 0% interest rates for 1 year and replaced these deals with 0% rates for 6 months.  American Express, for example, essentially stopped offering low APRs on balance transfers for most of their consumer cards.

I’ve been warning consumers about these trends for months and, unfortunately, my predictions have been very accurate.  Thus, to repeat what has become a mantra for this site, if you carry a balance on your credit card and want to save money with a 0% APR balance transfer, act now while you can.  Otherwise, you may be faced with higher interest rates, credit limit cuts, and very few options to facilitate paying down credit card debt.

For information on current balance transfer deals, please see the 0% balance transfer offers page on Smart Balance Transfers where you can compare offers and apply online for approval.

Candidate #1 for worst credit card is the Continental Finance Gold MasterCard.  Targeted to subprime users, the credit card advertises rates as low as 9.75% and the “prestige” of carrying a gold card.  However, as I reviewed the terms and conditions, I quickly learned that “prestige” has a price.

The Continental Finance Gold card does offer a competitive APR-9.75% is better than many rates offered by the major credit card companies.  And at $50, the annual fee isn’t so bad.  However, the $50 annual fee is a drop in the bucket compared to the other fees that make this card a strong candidate for worst credit card.  First off, there is a one time account processing fee which, I assume, must be paid immediately.  This fee is $175.  Seriously.  ONE HUNDRED AND SEVENTY FIVE DOLLARS!  Apparently, processing accounts is expensive.

Of course, the $175 account processing fee is a one time thing.  The $180 account maintenance fee stays with you as long as you hold the credit card.  To make things easier, they do break this fee up to $15 a month, every month, as long as you have the card.

Could this be the worst credit card?  So far, we’ve got first year fees of $405 and ongoing yearly fees of $355.  This seems like a lot of money to pay just to get a credit card.  Heck, you can get an American Express Gold Card (which is actually a prestigious gold card) that allows you to earn American Express rewards and only pay an annual fee of around $100. 

Clearly, the Tribute Gold card is not the best credit card.  And, so far, it is a strong candidate to win the first ever Smart Balance Transfers worst credit card competition.

If you have experience with this card or another you feel deserves a shot at winning worst credit card, post a response below.

A second, on MSN money, is more pertinent to US residents. In this article, author Liz Pulliam Weston cites Chase bank officials who have publicly stated that they will be making it harder for individuals with a history of using balance transfer offers to obtain one from Chase. On top of that, many banks have heightened requirements for credit approval, saving the best offers for those with the best credit.

As the “credit crisis” evolves, credit availability may become an issue, especially for individuals with borderline credit. If you think you fall into this category, now may be the time to transfer high rate balances to a 0% APR credit card as these offers may soon become quite elusive.

For more information on current balance transfer offers, please see the balance transfer credit card section of Smart Balance Transfers. There, you can compare current offers from major US issuers.

Unfortunately, he never had a chance to step out of the Indy/B movie genre, as his many problems made him too big a risk for major film roles. And his unfortunate, untimely death will prevent him from ever demonstrating the tremendous talent he possessed.

So I offer my sincerest condolences to the friends and family of Mr. Renfo. You have lost a talented and, more importantly, a truly earnest and decent person.

With 99% of credit cards, there is a 3% balance transfer fee. With most of these credit cards, the maximum balance transfer fee is $75. With others, the maximum fee is $99. With others, there is no limit on balance transfer fees. Since most credit cards charge 3% with a maximum of $75, we’ll focus on how no fee balance transfer fees help you save compared to the standard offer.

The standard balance transfer credit card charges 3% for each balance transferred, not for the total amount transferred. If, for example, you are transferring a $7500 balance from 1 credit card, you’re total balance transfer fee will be $75 or only 1% of the balance transferred. However, if you spread this amount to 3 cards with $2500 balances, your balance transfer fees skyrocket to $225 or $75 per card.

Clearly, a no fee balance transfer credit card offers substantial savings over a 0% balance transfer credit card that charges a balance transfer fee, especially when you transfer balances from multiple cards. However, when you are only transferring balances from a single card, a no fee balance transfer may not always be the best option. The reason for this is straightforward. No fee balance transfers rarely, if ever, offer a 0% APR on purchases. If you know you will be spending more money on your credit cards during the next year, apply for a credit card that offers a 0% APR on purchases and balance transfers may provide more savings than a credit card that offers only 0% APR no fee balance transfers.

For example, if you spend $2000 on your old credit card with an average interest rate of 14%, you could pay up to $300 over the course of a year in interest. In other words, four times what you would pay in balance transfer fees if you only transfer one balance.

Ideally, transferring your balances to a 0% APR, no fee credit card and not using credit cards at all would save you the most money. However, if you will be using a credit card, you may want to consider applying for a no fee balance transfer credit card and a credit card that offers a 0% APR for 1 year on purchases or, to simplify things, applying for a credit card that offers a 0% APR for 1 year on both purchases and balance transfers.

At SmartBalanceTransfers.com, you can compare current 0 APR no fee balance transfer credit cards and apply online.

Original Article from Decemebt of 2007:  Happy Holidays for the Smart Balance Transfers blog! This will be a quick post to help last minute credit card shoppers find the best credit card offer for the season. Basically, the most important thing to look for in a balance transfer credit card this time of year is what the 0% interest rate applies to. If you plan on using your new 0% APR credit card for purchases and balance transfers, we recommend the following credit cards:

Best Overall Balance Transfer Credit Card: The Bank of America Platinum Plus, which offers no fee balance transfers and a 0% APR for six months on both purchases and balance transfers.

Runner-Up: The Chase Platinum Card offers a 0% on purchases and balance transfers for a full year. However, there is a balance transfer fee of 3% up to $75.

Worth Noting: The Discover More credit card offers a 0% APR on balance transfers for a full year, but only six months on purchases. It also charges a 3% balance transfer fee.

The Citi Home Rebate card offers no fee balance transfers and a 0% APR for 1 year. However, there is no special rate on purchases.

For more information and to compare these credit cards, visit the 0% APR balance transfer section of SmartBalanceTransfers.com.

1.) Duration of the 0% APR balance transfer period: Most credit cards that advertise 0% APR balance transfers for a year give approved customers a 0% APR for 1 year. However, some credit card companies offer consumers a shorter duration on balance transfers if they do not meet certain credit requirements. To be sure you will be offered 0% for 1 year, check the rate information in the terms and conditions of the application.

2.) What the 0% APR applies to: Some credit cards offer a 0% rate on purchases and balance transfers, while others offer a 0% rate on one or the other. If you will be using your credit card for purchases, be sure you are applying for a credit card that offers a 0% interest rate on balance transfers as well as purchases. If the credit card does not offer 0% interest on both, any purchases you make will be charged a higher interest rate and all payments you make will reduce the balance at 0%, not the higher interest rate.

3.) Default Terms: Default, in a nutshell, is an action that voids your 0% interest rate. It is vitally important to pay your 0% balance transfer credit card on time every month. Failure to do so will void your special interest rate and elevate your APR to a standard rate.

4.) Balance Transfer Fees: While a small handful of credit cards offer no fee balance transfers, the majority charge a 3% fee. Of the credit cards that do charge a balance transfer fee, the usual maximum is the greater of 3% or $75. However, some credit cards do not impose a dollar limit on balance transfer fees. In the fees section of the terms and conditions, be sure the application lists a maximum fee. (This applies more to individuals transferring more than $2500, as that is when the $75 balance transfer fee threshold is crossed.)

Overall, 0% APR balance transfers are a great way to save money. Heck, I’ve got a whole website devoted to them. Just be sure to check the fine print before applying and, of course, apply online at Smart Balance Transfers.

First off, there is a huge difference between a balance transfer check and a cash advance check. Most balance transfer checks offer a 0% APR for up to 1 year, then charge a standard interest rate around 15%. Cash advance checks, however, tend to charge a much higher interest rate once the introductory period ends, generally somewhere in the low to mid 20% range.

A second issue with balance transfer checks and cash advance checks are the fees. Most balance transfer offers online charge a 3% balance transfer fee with a maximum fee of $75. This means that a $10,000 balance transfer will cost $75. Balance transfer and cash advance checks often do not cap the fee, meaning the same balance transfer or cash advance would cost $300.

A final issue I’ve discussed before related to balance transfer checks you get for a credit card you currently have a balance on. The checks you receive in the mail may offer a 0% APR for 1 year, but if you already have a balance, your payments will go towards reducing the balance being charged no interest, not the high interest balance you already have on the card.

What do I do with cash advance and balance transfer checks? I put them in the shredder. If you want to transfer a high interest balance and save money with a 0% interest rate, your best bet is to apply for a new credit card that offers a 0% interest rate on balance transfers. You can compare current 0% APR balance transfers on this site and apply online for instant approval.