How Much Has Your Credit Card Debt Cost You This Year?
June 27, 2011 by Laura Reveley · Leave a Comment
Credit card interest is an easy to overlook monthly expense. It doesn’t require actively swiping a card or forking over cash like other expenses. It just shows up on credit card statements, month in and month out.
Perhaps because we don’t consciously spend money on interest and we’re not required to pay credit card bills in full, many of us fail to realize that carrying just a few thousand dollars in credit card debt can cost hundreds of dollars a year.
Thus, with 2011 almost at the halfway point, it may be a good time to take a closer look at your credit card debt and find ways to reduce interest expenses via a 0% APR balance transfer. Here’s why:
1.) A person who carries an average monthly credit card balance of $1,000 on a card that charges a 15% interest rate will spend slightly more than $150 a year in interest. On a card with a 20% rate, the number leaps above $200.
2.) The average American carries slightly more than $4,000 of credit card debt. At a 15%
Longest 0% APR Credit Card Offers for Summer 2011
May 30, 2011 by Laura Reveley · Leave a Comment
As summer begins, credit card companies continue to offer the longest 0% APR credit card promotions in recent history. Last summer, most 0% credit card offers lasted 12 months or less. This year, a number of companies are offering 0% interest rates on purchases and balance transfers for as long as 21 months.
Whether or not these superlative offers will survive the summer remains to be seen. Some credit card companies have already begun shortening the length of 0% APR deals and others may follow suit. However, consumers looking for low rate cards today have significantly better options than they’ve had in more than five years.
Here’s a rundown of the top offers:
The Citibank Platinum Card leads the pack amongst low rate credit cards with an industry leading 0% APR on balance transfers and purchases that lasts 21 months. Citibank increased the length of this offer from 18 months to 21 months back in April. However, at that time, Discover was offering a 0% APR on balance transfers for 24 months. Tha
Credit Card Offer Quality Has Nowhere to Go But Down
May 22, 2011 by Laura Reveley · Leave a Comment
Since last fall, credit card companies have been upping the ante to lure in new customers. Beginning in September, 0% introductory rates began climbing from six to twelve to eighteen months. The longest offer, a 0% APR for 24 months on balance transfers, was available from December until the end of April. Today, the Citi Platinum MasterCard offers a 0% APR for 21 months on purchases and balance transfers, not quite 24 months, but still about as generous as these offers have ever been.
Credit card companies that weren’t competing with low introductory rates began offering up lucrative sign up bonuses. In November, Chase and Discover began offering $50 cash back bonuses. These quickly increased to $100 bonuses and a few days ago, Chase upped the ante to $250 on its no annual fee Chase Sapphire Card and a monstrous $625 on its Sapphire Preferred Card.
Unfortunately, the escalating war to get credit cards in consumer wallets is likely to fade out once consumer demand for credit cards begins to pick up.
April 2011 Best 0% Balance Transfer Credit Card Offers
April 5, 2011 by Laura Reveley · Leave a Comment
April looks like it will be another good month for consumers seeking 0% APR balance transfer credit cards. As in March, a handful of major card companies are continuing to offer very long 0% balance transfer offers. Discover still leads the pack with a 24 month balance transfer card, but Citibank recently improved some offers, including a card that provides a 0% APR on balance transfers and purchases for 21 months.
While the balance transfer market is poised to remain strong in April, May could prove to be a turning point. Discover’s 24 month balance transfer offer was originally slated to end in February, but has been extended until the end of April. If Discover ends this offer, it is very likely other banks will reduce the length of balance transfer deals. For the time being, however, consumers have plenty of strong offers to choose from.
Best Balance Transfer Offers in April
The longest 0% APR balance transfer offer this month is still the Discover 24 month balance transfer. A
Cash Back Credit Card Update – Citi Dividend Card $100 Offer
February 28, 2011 by Laura Reveley · Leave a Comment
Citibank is rolling out some major changes on its primary cash back credit card, the Citi Dividend Platinum Select MasterCard. The first change is the introduction of a limited time offer that gives new applicants a $100 cash back bonus if they spend $500 within the first three months of becoming a cardmember. The second change is the extension of 0% introductory rates on purchases and balance transfers.
Offer 1: The Citi Dividend Platinum Select MasterCard – Limited Time Offer provides a $100 cash back bonus to new cardmembers who spend $500 within three months of opening an account. In addition to this bonus, cardmembers earn 1% cash back on all eligible purchases and 5% cash back on purchases in categories that rotate four times a year. Until March 31st, cardmembers earn 5% cash back on drugstore, healthcare, and fitness purchases. Fr