Despite CARD act, interest free balance transfer credit cards rule the roost

Wednesday, February 9th, 2011

During the holiday season of 2010, customers were hesitant to pull out their credit cards to shop for gifts, and other purchases, despite discounts being offered by almost all the major stores across the country. This was proven by the fact that, an increasing number of customers used cash or debit cards to pay for their purchases. This has not gone unnoticed by credit card lenders, who have found a way to make up for the revenue loss during this season.

Majority of the lenders, banks, and credit unions alike, are offering interest free balance transfers on their credit cards so customers who have a huge credit card debt with high APY can switch to their zero interest cards. Customers too are thrilled at this move, since each day, there are thousands of applications pouring in, to avail this offer. However, despite all this, customers are advised to be cautious.

While a number of credit card lenders are straight forward in their offer, there are a handful of them who also have some hidden fees, which are revealed to the customers only when they get their first billing statement. Before applying for these zero percent balance transfer credit cards, it is wise for customers to take a look at the terms, and conditions and the validity of the promotional offer, so they don’t end up getting a raw deal.

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