(Long time no post ) Anybody know where all the 0% teaser cards went ... It's like they vanished overnight!? (lol) The only cards left offering 0% teaser rates are the big dogs! Is this the end of the teaser rate frenzy or what? I thought the Fed (Greenspan) just lowered interest rates last week... Why are the banks doing just the opposite & raising rates? I'm so confused! Anyway... If anyone knows of a few (easy) no-name cards out there still offering 0% apr teaser rates, please post 'em! (It's about time for a balance transfer) =)
Credit Card interest rates have almost nothing to do with the Federal Reserve interest rate number that you hear about on the news. That's a common misconception. Credit card issuers are taking massive losses on CC accounts lately, so they're trying to boost their profits by raising rates and doing away with 0% offers. Too many people are defaulting or paying late, and the CC issuers are getting antsy about their potential losses. That's why you're seeing rates rise and credit limits get cut on risky accounts. It's really quite simple: A bank cannot lend money at 0%, or even 5%, on a CC and still make money. (Sounds like it's about time to get a plan to pay down your debts. You cannot balance transfer your bills away.)
NEW CUSTOMERS ONLY!!! You have had the account for a year or two or 25...YOU DON'T GET IT!!! YOUR NOT GOOD ENOUGH!!! YMMV F.Y.I.~~YOU CAN "APPLY" FOR THE NEW ACCOUNT (WITH 0.00%) IF YOU WANT!!!
Chase and MBNA are still offering 0%. In June, I got 0% for a year from Chase, and 0% for 6 months from MBNA and Wells Fargo. MBNA and Chase were existing accounts, Wells Fargo was a new account. I think MBNA offer 0% for 12 months on their Elite Rewards still. Amex has been offering 2.9-3.9 for life of the bt. Bank of America - prime for life. Citibank still has 0% for new customers, so does Discover (I think)
Re: Re: Where are all the great rate CC's? too much, Actually, I understand CC (Bank) rates are not associated w/the Fed rates ... I was just surprised to see the banks going against the "current" ... In fact, I believe recently there have been a few financial articles discussing this very issue ... The point being ... it may be a little risky for the economy if banks decide to "jump the gun" on rate increases in oposition of the Fed. Who are you ... The Debt Nazi??? I am simply balance transferring a rather small amount of debt from a previous teaser rate CC that is about to expire ... Looking for another teaser rate card to save money while continuing to reduce the original debt has always been my goal ... Not sure about the nature of your advice ... ? ... Perhaps you were having a bad day!? Perhaps in the future, you might gain some understanding and/or insight, along with a little mercy before jumping to conclusions about what "plan" you assume I should begin following. I just love people who throw down condescending advice with little or, in your case, "no" regard for facts ... Unbelievable!!!
