Balance transfer offers strong right now
Posted in: Credit Cards
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Consumers currently see 0% balance transfer offers for up to 21 months
With all of the recent changes in the credit card industry due to the CARD Act, some speculated that 0% APR balance transfer offers would vanish into thin air.
A quick look at the balance transfer offers currently available shows that this is not the case. And a deeper look shows that some of the balance transfer deals are, in fact, very strong offers that could help out consumers who utilize them wisely.
As of today (October 8, 2010), consumers are seeing balance transfer deals that include a 0% interest rate on transferred balances for up to 21 months. And these offers can be compared to similar offers of 0% APR on balance transfers for 18 months, 15 months and 12 months.
A quick reminder for these type of offers: Watch for higher balance transfer fees. Some credit card issuers have raised balance transfer fees to 3%, 4% or even 5% of the total amount transferred. This is an increase from the more typical 2% fee that existed prior to the CARD Act.
But that fact remains – even taking higher balance transfer fees into account – that there are some very strong balance transfer offers out there right now. If used wisely, this type of deal can potenitally help out consumers who are currently carrying a balance on one or more credit cards.
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