Who will take advantage of balance transfer day?
Tuesday, 06 December 2011 12:00Millions of consumers across the country are struggling to keep their credit card debt under control and would like to do anything they can to reduce debt quickly. Fortunately, a new movement might be able to help them achieve that goal.
An online movement has dubbed December 11 as "Balance Transfer Day," an event to encourage consumers to seek out and take advantage of the more generous balance transfer offers now being offered by the nation's top credit card lenders, according to a report from Time Moneyland. Because of increased competition among major issuers for consumers with strong borrowing histories, many have significantly beefed up their introductory offers for balance transfers.
Some lenders are offering teaser interest rates of as low as 0 percent for as long as two years to the most qualified borrowers in an attempt to woo customers away from competitors, the report said. However, these deals typically also come with an up-front balance transfer fee, usually of about 3 percent.
To truly take advantage of these more generous offers, consumers must also be prepared to increase the value of their monthly credit card payments so they can get out of debt more quickly.