http://www.smartbalancetransfers.com/blog The Balance Transfer Credit Card Resource Thu, 05 Nov 2009 18:20:41 +0000 http://backend.userland.com/rss092 en 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/ If you want credit card horror stories, you can find them all over the Smart Balance Transfers blog.  Beginning last November, visitors started writing me with increasingly horrific tales of credit card companies gone wild.  Of all the stories I've heard, none have bothered me as much as the recent ... http://www.smartbalancetransfers.com/blog/2009/10/credit-card-horror-stories-part-37/ Following an extended period of reduced introductory rates, 0% balance transfers for 12 months have become available.  However, these offers are scarce, as most credit card companies continue to offer 0% rates lasting around 6 months in advance of new credit card laws and record high consumers defaults. A year ago, ... http://www.smartbalancetransfers.com/blog/2009/10/0-balance-transfers-for-12-months/ Senator Chris Dodd of Connecticut has proposed a freeze on credit card interest rate and fee increases ahead of the implementation of new credit card regulations due to take effect in February.  According to The New York Times, Senator Dodd's goal is to prevent the "squeezing" of Americans.  Perhaps such ... http://www.smartbalancetransfers.com/blog/2009/10/dodd-calls-for-interest-rate-freeze-a-week-late/ It has now been over a week since Citibank raised interest rates on many of its most loyal customers and it seems as if no one in the media cares.  This continues to shock me, as the number of visitors contacting me has not dwindled.  And my concern that tens ... http://www.smartbalancetransfers.com/blog/2009/10/29-99-interest-rates-no-longer-newsworthy/ Since so many of you come to Smart Balance Transfers to vent, I want to take the opportunity to do some of my own venting.  People began receiving rate increase notices this weekend.  By Monday morning, I'd heard from at least 30 people, and the number of comments continues to ... http://www.smartbalancetransfers.com/blog/2009/10/will-the-mainstream-media-please-cover-the-citibank-story/ During the past years, I've heard more credit card horror stories than I care to remember.  The Smart Balance Transfers blog is littered with disheartening stories of consumers who've had fixed rates changed to variable rates, interest rates doubled (or tripled) and minimum monthly payments increased by 200%.  Many of these ... http://www.smartbalancetransfers.com/blog/2009/10/29-99-reasons-to-get-out-of-credit-card-debt-now/ I just got a copy of the Citibank interest rate increase letter and, perhaps like many of you, am completely baffled.  Unfortunately, I've spent the past five years reviewing credit card terms and was hoping to find some definitive answers in this letter.  However, the terms Citi is proposing are ... http://www.smartbalancetransfers.com/blog/2009/10/review-of-citibank-interest-rate-increase-letter/ After a relatively calm three months in which credit card rate increases slowed substantially, Citibank's decision to raise interest rates to 29.99% on tens of thousands of customers has taken many-myself included-by surprise.  Yesterday, I posted some options for people dealing with this situation and I wanted to update those ... http://www.smartbalancetransfers.com/blog/2009/10/read-before-you-opt-out-of-a-citi-rate-increase/