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Higher Balance Transfer Fees
The prolong weak economy, recent financial crisis and new credit card act have drastically changed the landscape of US credit card market.
It is a fact that getting a decent balance transfer card is much harder now without incurring a hefty fees. The credit card issuers are raising the balance
transfer fees as high as 5% nowadays. You must take note on the minimum and maximum cap on the balance transfer fee as well, if any.
This only means getting a 0% no fee balance transfer credit card is extremely rare, if not possible at the moment.
However, good news is, unlike previous years where 0% balance transfer card is pretty much limited with only up to 6 months offer, now you've wider
choice of up to 18 months 0% balance transfer introductory offer. And for a limited time, you could even grab a no fee balance transfer credit card albeit
the setback of a shorter 0% intro period.
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Introductory Rate of 0.00% or 7.50% based on creditworthiness for 12 months from date opened on Purchases. (If there is an interest charge, the charge will be no less then $1.00). This rate will not change during the introductory period.
Low Introductory APR on Balance Transfers of 1.99% for the first 12 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
Low Ongoing Variable Rate APR after introductory period of 7.50%, 9.50%, or 11.50% (Prime + 4.25%, Prime + 6.25%, and Prime + 8.25%) based on your creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less then $1.00).
Product Enhancements include: Auto Rental Collision Damage Waiver, Roadside Dispatch and Travel Emergency Services.
0% intro APR on purchases and balance transfers for 15 months, then the variable standard purchase APR of 10.99% - 19.99%*
2% automatically at gas stations and restaurants all year long*
Plus, up to 20% Cashback Bonus at popular online retailers when you shop through Discover.com
Up to 1% unlimited Cashback Bonus on all other purchases
Flexible redemption options with no redemption fee. Choose from Partner gift cards, merchandise, Discover gift cards, credit to your Discover card account or an electronic deposit to your bank account
Turn your Cashback Bonus into bigger rewards by redeeming for gift cards or eCertificates from over 100 brand-name Partners
Great rewards with no annual fee, no rewards redemption fee, and no additional card fee
Discover is ranked #1 in customer loyalty--16 years in a row! (2012 Brand Keys Customer Loyalty Engagement Index report)
24/7 access to a U.S. based Account Manager within 60 seconds
$0 Fraud Liability plus automatic mobile and email fraud alerts
Easy online account options that put you in control
Fraud specialists dedicated to helping you 24/7
Secure online account numbers
Timely e-mails to help you avoid fees
*Click apply to view rates, fees, rewards, limitations and other important information
Low variable rate of 7.25%, 10.25%, or 13.25% (Prime + 4.00%, Prime + 7.00%, or Prime + 10.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00).
Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
Earn 1% in cash back credit on all qualifying purchases
No limit on cash back; no expiration date on eligibility for accounts in good standing
Travel accident coverage up to $500,000
No annual membership fee
Low variable rate of 9.25%, 12.25%, or 15.25% (Prime + 6.00%, Prime + 9.00%, or Prime + 12.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00)
Low Introductory APR on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate
Earn 1 bonus point for every $1 in qualifying net retail purchases
Turn your points into hotel, travel, gift or experience rewards
Travel accident coverage up to $1,000,000
No annual membership fee
Low variable rate of 9.25%, 12.25%, or 15.25% (Prime + 6.00%, Prime + 9.00%, or Prime + 12.00%) as of 4/1/10 based on the creditworthiness. This APR will vary with the market based on the Prime Rate. (If there is an interest charge, the charge will be no less than $1.00)
Low Introductory ARP on balance transfers of 1.99% for your first 6 billing cycles, this rate will not change during the introductory period. Applies to balance transfers processed within three months of your account open date. After that, your APR will be the same as your assigned purchase rate, based on your creditworthiness. This APR will vary with the market based on the Prime Rate
5x points on airfare purchases and 1x points on all other purchases
20,000 bonus points upon spending $650 in the first 3 months
Complimentary concierge service
Exceptional travel offers and discounts
VIP airport lounge access with $15,000 in annual spend
You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. You must be a United States Government employee, member of the United States Military and Uniformed Services, employee or volunteer of the American Red Cross, member of the National Military Family Association, or a family member/housemate of a current PenFed member.
7.49% introductory purchase APR for first 36 months ! After that, the APR will vary with the Prime Rate, and is currently 9.99% APR.
No-fee cash advances carry a 17.99% APR
No Foreign Transaction Fees!
Some restrictions apply.
You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. You must be a United States Government employee, member of the United States Military and Uniformed Services, employee or volunteer of the American Red Cross, member of the National Military Family Association, or a family member/housemate of a current PenFed member.
Earn 5% cash back from gas purchases paid at the pump*
Earn 0.25% cash back from all purchases** you make with the card during each billing cycle
Up to $50,000 limit
No Annual Fee
Cash Rewards credited each month
No special restrictions to earn your cash rewards
Limited Time Only – Low Balance Transfer Rates†
You must be a Pentagon Federal Credit Union member to apply. Not a member? It’s easy to join. You must be a United States Government employee, member of the United States Military and Uniformed Services, employee or volunteer of the American Red Cross, member of the National Military Family Association, or a family member/housemate of a current PenFed member.
Total U.S. Credit Card Debt
Total revolving consumer credit(not seasonally adjusted) amounted to USD$826.7 billion as at 31 December 2010, a decrease of USD$67.3 billion or 8.14% compares to USD$894 billion in the same period in year 2009.
This is a significant improvement in the US credit card debt compares to USD$989.1 billion as at 31 December 2008 and USD$973.2 billion as at 31 December 2007 during the height of the financial crisis. The latest
data released shown a continuous improvement with an outstanding balance of USD$787.4 billion as at 30 June 2011.
Based on seasonally adjusted data, the total revolving consumer credit amounted to USD$800.6 billion as at 31 December 2010, a decrease of USD$65.2 billion or 7.53% compares to USD$865.8 billion in the same period in year 2009.
Outstanding balances as at 31 December 2008 was USD$941.8 billion and stood at USD$957.5 billion as at 31 December 2007. As at 30 June 2011, the outstanding balance stood at USD$795.9 billion.
Note: Approximately 90-95% of the revolving credit figure is credit card debt.
2009 Survey of Consumer Finances shown 43.2% of the American families hold credit card debt, compares to 47.8% in 2007.
Overall, the median balance for those carrying a credit card balance rose 6.45% to $3,300 from $3,100 on 2007.
Credit card loans by FDIC-insured banks
As at 31 December 2009, the outstanding credit card loans by FDIC-insured banks stood at $421.48 billion(represent 39.84% of the $1.058 trillion loans to individual), a decrease of $23.21 billion or 5.22% compares to $444.69 billion(represent 40.83% of the $1.089 trillion loans to individual) in the same period in year 2008.
The $421.48 billion credit card loans is made up of $383.69 billion by commerical banks and $37.79 billion by savings institutions.
As at 31 December 2010, the outstanding credit card loans by FDIC-insured banks stood at $702.06 billion(represent 53.31% of the $1.318 trillion loans to individual), a significant increase of $280.58 billion or 66.57% compares to $421.48 billion in the same period in year 2009.
The $702.06 billion credit card loans is made up of $652.76 billion by commerical banks and $49.30 billion by savings institutions.
As at 31 March 2011, the outstanding credit card loans by FDIC-insured banks reduced by $38.91 billion or 5.54% to $663.15 billion(represent 52.01% of the $1.275 trillion loans to individual) compares to previous quarter as at 31 December 2010.
The $663.15 billion credit card loans is made up of $615.63 billion by commerical banks and $47.52 billion by savings institutions.
As at 30 June 2011, the outstanding credit card loans by FDIC-insured banks increased by $52.71 billion or 8.56% to $668.34 billion(represent 51.81% of the $1.290 trillion loans to individual) compares to previous quarter as at 31 March 2010.
The $668.34 billion credit card loans is made up of $617.81 billion by commerical banks and $50.53 billion by savings institutions.
Why such drastic measures are taken?
With current economy woes where unemployment rates skyrocketing, lending has become a highly unpredictable risky business. Most credit card issuers are unwilling to extend credit for high risk lending.
The delinquency rate is high and they are making huge losses in the credit card business operation.
Not only the application process is strict, favoring a small group with excellent credit rating, the credit card issuers are now expecting to be rewarded fairly for taking the unusual high risk lending.
All these unfavorable circumstances has somehow force and lead the market with no option but to increase in fee, which is almost inevitable, if not predictable.
Pay off the debt within introductory offer period
Although it may not possible for you to pay the balances in full within the introductory offer period, it is to your advantage to put extra efforts in paying as much as possible in the given period.
At the end of the day, you'll be glad with the savings you made by paying within the offer period.
If you plan to carry your balances beyond the introductory offer period, make sure the interest rate is reasonable and affordable according to your plan.
Aside that, to help settle your debt faster, it is best not to make any purchases with the balance transfer card.
What if you have more than one card with balances
At the end of the day, you may not be able to consolidate all your card balances into one card.
In such circumstances, you should concentrate in settling off the balances on one card while paying the minimum amount on other cards.
And restraint yourself from making further purchases with your cards.
This practice should continue until you settle your debts in full on all the cards.
Credit Limit and Minimum Payament
Bear in mind the issuer is entitled to reduce your credit limit and increase your monthly minimum-payment amounts.
It is advisable to use only 30% of the credit limit available to avoid such reduction from affecting your credit score.
This may help to ensure you are not caught off-guard in case the issuer raise your monthly minimum-payment required.
With such uncertainties, it is best to stress against making purchases with your balance transfer card, until unless all the balances are settled in full.
Nowonwards, preserving your creditworthiness has become a crucial factor in determining your financial future. So make good use of your credit and do not spend on something you can't afford to pay.
Treating your credit card like a charge card i.e. paying your balances in full every month is now the golden rule in maintaining a healthy credit history.
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All card applications are strictly confidential.
You are allowed to apply for more than one card.
Your application is safe and secure with SSL encryption technology.
Safe and secure online application with SSL encryption technology.
All card applications are strictly confidential.