http://www.smartbalancetransfers.com/blog The Balance Transfer Credit Card Resource Thu, 19 Nov 2009 16:02:32 +0000 http://backend.userland.com/rss092 en Many people who are long time customers of Citibank might consider any Citi credit card to be the worst credit card of 2009.  However, the victims of the Citi interest rate increases are long-term customers.  People who became Citi credit card holders in the second half of this year are ... http://www.smartbalancetransfers.com/blog/2009/11/the-worst-credit-card-of-2009/ About a month ago, visitors began posing comments on Smart Balance Transfers about a Citibank rate increase to 29.99%.  The backlash was huge, with over 100 comments posted to date, mainly from customers with very good credit, long histories as Citi credit card customers, and oftentimes, low balances on their ... http://www.smartbalancetransfers.com/blog/2009/11/citibank-continues-interest-rate-increases/ Since 2007, Smart Balance Transfers has been providing information on balance transfer offers to tens of thousands of visitors every month.  Many visitors have been utilizing 0% balance transfers on a yearly basis to defer interest costs.  For much of the past decade, this was a relatively simple task.  When ... http://www.smartbalancetransfers.com/blog/2009/11/0-balance-transfer-offers-today/ Although credit card defaults remain elevated, Capital One and Discover reported lower credit card default rates in October.  Despite this drop, credit card defaults remain elevated, as they have been for nearly a year, and many expect default rates to remain elevated well into 2010. The problem with credit card defaults ... http://www.smartbalancetransfers.com/blog/2009/11/credit-card-defaults-fall/ 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.  ... http://www.smartbalancetransfers.com/blog/2009/11/bank-of-america-credit-card-annual-fees/ According to the most recent Federal Reserve survey, credit card companies have either increased interest rates or are planning to increase interest rates on 54% of customers with good credit.  74% of customers with poor credit have either had their rates increased already or will in the near future.  This should come ... http://www.smartbalancetransfers.com/blog/2009/11/credit-card-interest-rates-keep-rising/ For the past three weeks, I've been hearing from people who've been hit with the 29.99% rate increase.  Most are people who pay their bills in full, have had their cards for many years, and previously had low interest rates.  I fall into the same category as many of these ... http://www.smartbalancetransfers.com/blog/2009/11/wheres-my-citi-rate-increase-letter/ I've begun getting comments from visitors who are being asked to do a $5000 balance transfer with Citibank in order to receive an interest rate lower than the 29.99% offer currently being pushed on consumers.  At this point, only two reports have come in to Smart Balance Transfers, so we ... http://www.smartbalancetransfers.com/blog/2009/11/citibank-balance-transfer-offer/ A little over year ago, I researched the almost mythical 0% balance transfer for life.  Despite the fact this incredible offer seemed to be an impossibility, I ultimately learned that Discover had been offering this deal to select customers via direct mail invitation.  However, the trail of evidence dried up ... http://www.smartbalancetransfers.com/blog/2009/11/0-balance-transfers-for-15-months/ A little over two weeks ago, Smart Balance Transfers began receiving a deluge of complaints from Citibank customers who had their interest rates increased to 29.99% (See Citibank Interest Rate Solutions to view comments).  Surprisingly, however, major media outlets seemed not to notice this headline worthy story.  I personally attempted to ... http://www.smartbalancetransfers.com/blog/2009/11/mainstream-media-finally-reports-on-citi-rate-increase/ Based on the unprecedented amount of feedback received by Smart Balance Transfers this year, I think its fair to say that a very large percent of credit cardholders have endured at least one interest rate increase, credit limit cut or account closure this year.  In fact, I wouldn't be surprised ... http://www.smartbalancetransfers.com/blog/2009/11/congress-wants-to-halt-interest-rate-hikes/