Tuesday, Dec 18, 2007
Only eight 0% transfer credit cards left
Fool: Just Eight Balance Transfer Cards Left
Before the credit crunch there were over 100 credit cards that offered 0% interest if you transferred your balance to them; now there are only eight. Ouch this is going to hurt!
Posted by who stole my pension? @ 06:33 AM (359 views) Add Comment
4 Comments
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1. jack c said...
Those companies that are now left taking balance transfers typically have a 3% switching fee - so "revolving credit" facilities are now (a) limited in choice (b) more expensive. This will ultimately impact on house prices because lots of people have relied upon credit cards to pay for normal household expenditure (including food shopping) before consolidating onto a personal loan and then onto the mortgage - these options are gradually being reduced/closed and a resulting fall in house prices is inevitable.
2. Nickolarge said...
These 8 offers are not going to be for sub prime borrowers. My guess is that they will be flooded with aplications and will reject at least 95%.
3. maddison said...
Does anyone know how much credit card debt is actually not paid off in the first month so thereby paying the higher rate of interest? So much of the stats show the total on credit cards which are actually paid off by the end of the month. These figures are really just showing people SAYE (spend as you earn ) money in that month before they are actually paid....
4. renting2 said...
Some credit card companies are also now shortening the time window for the interest free period between purchase and repaying. This will result in higher credit costs for a lot of people, even those who pay off in full once a month as their pay may not be available to them in time.
The wholesale withdrawal of these products may be a truer reflection on the credit crisis than anything else.