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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.

Get your best balance transfer credit cards with 0% interest today!

warningThe issuer may STOP the card offers and promotions without notice. Grab the card of your choice while it lasts.

For detailed card information or to apply, click on the link next to the card of your choice and a new window will be opened for you.

Total U.S. Credit Card Debt Quarterly Statistics 2016

As at 31 March 2016, the total revolving consumer credit(not seasonally adjusted) amounted to USD$902.7 billion, a decrease of USD$35.2 billion or 3.75% compares to USD$937.9 billion a quarter ago as at 31 December 2015.
As at 30 June 2016, the total revolving consumer credit(not seasonally adjusted) amounted to USD$930.5 billion, an increase of USD$27.8 billion or 3.08% compares to USD$902.7 billion a quarter ago as at 31 March 2016.
As at 30 September 2016, the total revolving consumer credit(not seasonally adjusted) amounted to USD$946.1 billion, an increase of USD$15.6 billion or 1.68% compares to USD$930.5 billion a quarter ago as at 30 June 2016.
As at 31 December 2016, the total revolving consumer credit(not seasonally adjusted) amounted to USD$995.5 billion, an increase of USD$49.4 billion or 5.22% compares to USD$946.1 billion a quarter ago as at 30 September 2016.
Note: Approximately 90-95% of the revolving credit figure is credit card debt.

Credit card loans by FDIC-insured banks
As at 31 March 2016, the outstanding credit card loans by FDIC-insured banks decreased by $32.80 billion or 4.34% to $723.66 billion(represent 49.09% of the $1.474 trillion loans to individual), compares to $756.46 billion previous quarter as at 31 December 2015. The $723.66 billion credit card loans is made up of $636.91 billion by commercial banks and $86.75 billion by savings institutions.
As at 30 June 2016, the outstanding credit card loans by FDIC-insured banks increased by $22.27 billion or 3.08% to $745.93 billion(represent 49.24% of the $1.515 trillion loans to individual), compares to $723.66 billion previous quarter as at 31 March 2016. The $745.94 billion credit card loans is made up of $663.64 billion by commercial banks and $82.29 billion by savings institutions.
As at 30 September 2016, the outstanding credit card loans by FDIC-insured banks increased by $15.71 billion or 2.11% to $761.64 billion(represent 49.33% of the $1.544 trillion loans to individual), compares to $745.93 billion previous quarter as at 30 June 2016. The $761.64 billion credit card loans is made up of $676.17 billion by commercial banks and $85.47 billion by savings institutions.
As at 31 December 2016, the outstanding credit card loans by FDIC-insured banks increased by $38.17 billion or 5.01% to $799.81 billion(represent 50.33% of the $1.589 trillion loans to individual), compares to $761.64 billion previous quarter as at 30 September 2016. The $799.81 billion credit card loans is made up of $706.39 billion by commercial banks and $93.42 billion by savings institutions.

Total U.S. Credit Card Debt Quarterly Statistics 2015

As at 31 March 2015, the total revolving consumer credit(not seasonally adjusted) amounted to USD$849.5 billion, a decrease of USD$42.0 billion or 4.71% compares to USD$891.5 billion a quarter ago as at 31 December 2014.
As at 30 June 2015, the total revolving consumer credit(not seasonally adjusted) amounted to USD$875.7 billion, an increase of USD$26.2 billion or 3.08% compares to USD$849.5 billion a quarter ago as at 31 March 2015.
As at 30 September 2015, the total revolving consumer credit(not seasonally adjusted) amounted to USD$891.3 billion, an increase of USD$15.6 billion or 1.78% compares to USD$875.7 billion a quarter ago as at 30 June 2015.
As at 31 December 2015, the total revolving consumer credit(not seasonally adjusted) amounted to USD$937.9 billion, an increase of USD$46.6 billion or 5.23% compares to USD$891.3 billion a quarter ago as at 30 September 2015.
Note: Approximately 90-95% of the revolving credit figure is credit card debt.

Credit card loans by FDIC-insured banks
As at 31 March 2015, the outstanding credit card loans by FDIC-insured banks decreased by $38.50 billion or 5.36% to $679.97 billion(represent 49.13% of the $1.384 trillion loans to individual), compares to $718.47 billion previous quarter as at 31 December 2014. The $679.97 billion credit card loans is made up of $603.52 billion by commercial banks and $76.45 billion by savings institutions.
As at 30 June 2015, the outstanding credit card loans by FDIC-insured banks increased by $21.22 billion or 3.12% to $701.19 billion(represent 49.28% of the $1.423 trillion loans to individual), compares to $679.97 billion previous quarter as at 31 March 2015. The $701.19 billion credit card loans is made up of $620.57 billion by commercial banks and $80.62 billion by savings institutions.
As at 30 September 2015, the outstanding credit card loans by FDIC-insured banks increased by $13.60 billion or 1.94% to $714.79 billion(represent 49.16% of the $1.454 trillion loans to individual), compares to $701.19 billion previous quarter as at 30 June 2015. The $714.79 billion credit card loans is made up of $630.08 billion by commercial banks and $84.71 billion by savings institutions.
As at 31 December 2015, the outstanding credit card loans by FDIC-insured banks increased by $41.67 billion or 5.83% to $756.46 billion(represent 50.50% of the $1.498 trillion loans to individual), compares to $714.79 billion previous quarter as at 30 September 2015. The $756.46 billion credit card loans is made up of $664.61 billion by commercial banks and $91.85 billion by savings institutions.

Total U.S. Credit Card Debt Quarterly Statistics 2014

As at 31 December 2014, the total revolving consumer credit(not seasonally adjusted) amounted to USD$890.0 billion, an increase of USD$40.3 billion or 4.74% compares to USD$849.7 billion a quarter ago as at 30 September 2014.
As at 30 September 2014, the total revolving consumer credit(not seasonally adjusted) amounted to USD$849.7 billion, an increase of USD$10.0 billion or 1.19% compares to USD$839.7 billion a quarter ago as at 30 June 2014.
As at 30 June 2014, the total revolving consumer credit(not seasonally adjusted) amounted to USD$839.7 billion, an increase of USD$21.5 billion or 2.63% compares to USD$818.2 billion a quarter ago as at 31 March 2014.
As at 31 March 2014, the total revolving consumer credit(not seasonally adjusted) amounted to USD$818.2 billion, a decrease of USD$40.0 billion or 4.66% compares to USD$858.2 billion a quarter ago as at 31 December 2013.
Note: Approximately 90-95% of the revolving credit figure is credit card debt.

Credit card loans by FDIC-insured banks
As at 31 December 2014, the outstanding credit card loans by FDIC-insured banks increased by $35.45 billion or 5.19% to $718.47 billion(represent 50.67% of the $1.418 trillion loans to individual), compares to $683.02 billion previous quarter as at 30 September 2014. The $718.47 billion credit card loans is made up of $638.37 billion by commercial banks and $80.10 billion by savings institutions.

As at 30 September 2014, the outstanding credit card loans by FDIC-insured banks increased by $4.68 billion or 0.69% to $683.02 billion(represent 49.41% of the $1.382 trillion loans to individual), compares to $678.34 billion previous quarter as at 30 June 2014. The $683.02 billion credit card loans is made up of $608.98 billion by commercial banks and $74.03 billion by savings institutions.

As at 30 June 2014, the outstanding credit card loans by FDIC-insured banks increased by $19.98 billion or 3.03% to $678.34 billion(represent 49.41% of the $1.382 trillion loans to individual), compares to $658.36 billion previous quarter as at 30 March 2014. The $678.34 billion credit card loans is made up of $607.10 billion by commercial banks and $71.24 billion by savings institutions.

As at 30 March 2014, the outstanding credit card loans by FDIC-insured banks decreased by $33.03 billion or 4.78% to $658.36 billion(represent 49.41% of the $1.382 trillion loans to individual), compares to $691.39 billion previous quarter as at 31 December 2013. The $658.36 billion credit card loans is made up of $590.60 billion by commercial banks and $67.76 billion by savings institutions.

Total U.S. Credit Card Debt Yearly Statistics

As at 31 December 2015, the total revolving consumer credit(not seasonally adjusted) amounted to USD$937.9 billion, an increase of USD$46.4 billion or 5,20% compares to USD$891.5 billion in the same period in year 2014.
As at 31 December 2014, the total revolving consumer credit(not seasonally adjusted) amounted to USD$891.5 billion, an increase of USD$33.8 billion or 3.94% compares to USD$857.7 billion in the same period in year 2013.
As at 31 December 2013, the total revolving consumer credit(not seasonally adjusted) amounted to USD$857.7 billion, an increase of USD$12.0 billion or 1.42% compares to USD$845.7 billion in the same period in year 2012.
As at 31 December 2012, the total revolving consumer credit(not seasonally adjusted) amounted to USD$845.7 billion, an increase of USD$4.2 billion or 0.50% compares to USD$841.5 billion in the same period in year 2011.
As at 31 December 2011, the total revolving consumer credit(not seasonally adjusted) amounted to USD$841.2 billion, a marginal increase of USD$1.7 billion or 0.20% compares to USD$839.5 billion in the same period in year 2010.
Total revolving consumer credit amounted to USD$839.5 billion as at 31 December 2010, a decrease of USD$76.9 billion or 9.16% compares to USD$916.4 billion in the same period in year 2009.
This is a significant improvement in the US credit card debt compares to USD$1,004.4 billion as at 31 December 2008 and USD$1,002.0 billion as at 31 December 2007 during the height of the financial crisis.
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 2015, the outstanding credit card loans by FDIC-insured banks increased by $46.99 billion or 6.54% to $765.46 billion(represent 51.10% of the $1.498 trillion loans to individual), compares to $718.47 billion previous year as at 31 December 2014. The $718.47 billion credit card loans is made up of $638.36 billion by commercial banks and $80.10 billion by savings institutions.

As at 31 December 2014, the outstanding credit card loans by FDIC-insured banks increased by $27.08 billion or 3.92% to $718.47 billion(represent 50.67% of the $1.418 trillion loans to individual), compares to $691.39 billion previous year as at 31 December 2013. The $718.47 billion credit card loans is made up of $638.36 billion by commercial banks and $80.10 billion by savings institutions.

As at 31 December 2013, the outstanding credit card loans by FDIC-insured banks decreased by $4.7 billion or 0.68% to $691.39 billion(represent 51.08% of the $1.353 trillion loans to individual), compares to $696.09 billion previous year as at 31 December 2012. The $691.39 billion credit card loans is made up of $621.63 billion by commercial banks and $69.76 billion by savings institutions.

As at 31 December 2012, the outstanding credit card loans by FDIC-insured banks increased by $8.34 billion or 1.21% to $696.09 billion(represent 52.57% of the $1.324 trillion loans to individual), compares to $687.75 billion previous year as at 31 December 2011. The $696.09 billion credit card loans is made up of $634.05 billion by commercial banks and $62.04 billion by savings institutions.

As at 31 December 2011, the outstanding credit card loans by FDIC-insured banks increased by $14.31 billion or 2.04% to $687.75 billion(represent 52.57% of the $1.324 trillion loans to individual), compares to $702.06 billion previous year as at 31 December 2010. The $687.75 billion credit card loans is made up of $632.18 billion by commercial banks and $55.57 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 commercial banks and $49.30 billion by savings institutions.

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 commercial banks and $37.79 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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