Editorial Policy

The Increase Focus on Balance Transfer Credit Cards

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By Steven Gibbs
August 5, 2010

Believe or not, issuers are now competing more than ever on many levels to get your attention. As many cardholders today are still unsatisfied with their issuers and are looking to get a better deal, issuers have become more adaptive to what could get you to swing their way. While some have focused more on the rewards offered to consumers, others are competing in an entirely different way. They are using introductory periods on purchases, balance transfers, and even cash advances to get their plastic in your pocketbook.


So what offers seems to be getting the more attention from both issuers and consumers? Over the last couple of months many of the credit cards that consumers have migrated to were offers giving the lowest rate and best deals on balance transfers. While it is not the case for everyone, many people are looking for a way to help ease the stress of minimum payments rising on existing balances as well as tough economic times. Knowing this, issuers have become more aggressive by offering consumers deals on the length of no or low interest rates on transferring their existing balance from a competing issuer. Two of the newest deals that seem to be gaining traction with cardholders are Citi Bank’s offering of 18 months and Discover’s offering 15 months, both at zero percent interest.


As issuers become even more aggressive to get your attention by offering great incentives like that of introductory periods, as with any credit card one needs to completely understand everything about their future plastic before signing their name on the dotted line. In many cases, just by simply reading any terms associated with the plastic one will find any fees that are commonly associated with such things as transferring over balances or taking out a cash advance. By overlooking things such as this, it could end up costing you more money than you think negating any saving that you are trying to get by moving to a new plastic.