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August 22, 2005

Great credit card deals

There are many credit card deals around the world today. Competition among credit card issuers create many opportunities for consumers. You have to shop around and negotiate, yes, negotiate with the banks, no less. If you get a call or letter with an offer to switch, or transfer a balance, try to squeeze from credit card company as much as you can.

One client transferred $12,000 from his car loan to Citibank credit card. Initial offer of 6 months with 3.9 percent interest was extended to 9 months at 0.9 percent. Citibank likely checked credit report and salary, calculated debt ratio and decided that this person would have to stay with them well beyond 9 months. Then the interest rate is going to be around 15%. It is up to consumer of course, to prove Citibank wrong. See more in debt reduction.

You can go for award points, miles, cash rebates, whatever. As competition expands, more opportunities for consumers will be available. Check for example how some clever Aussies are exploiting the war among credit card rivals.

Posted in Credit Cards at August 22, 2005 08:11 PM

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Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.

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