Despite CARD act, interest free balance transfer credit cards rule the roost
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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According to the 2019 Balance Transfer Credit Card Report from CompareCards, more than 75% of cardmembers in the U.S. fail to understand properly how balance transfers actually work. Despite the fact that most of the respondents already had experience of using balance transfer credit cards, 76% of them are still confident that if they fail […]
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