Were almost a month past the holidays, but credit card debt continues to be a nagging reminder of last season’s generous spending. To combat residual debt, many consumers have considered the option to transfer credit card balance amounts onto zero-interest credit cards as a way to avoid excessive interest charges.
January is a high season for credit card promotional offers from companies vying for new business. As a result, credit card holders have an abundant selection of terms to choose from when determining how to pay off credit card debt quickly.
However, before picking-up the phone or sending in a completed credit card application, you should understand the pros and cons of performing a balance transfer, as there are a couple of traps debtors can fall into if not careful.
Why Transfer Credit Card Balance?
Introductory 0% APR balance transfer cards are created as incentive for those with existing credit card debt to move their existing balances onto a new card. O
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If you use a credit card for most of your everyday purchases, as well as to purchase airline tickets and other big ticket items, you want to find and use a credit card that rewards you for making those purchases. The Randolph Brooks Federal Credit Union (RBFCU) MasterCard Gold Cash Back credit card gives you a percentage of cash back on every purchase, offering you an immediate savings and discount every time you use the card.
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RBFCU also offers two other credit cards, the Platinum Preferred Rate MasterCard and the Platinum Rewards MasterCard.
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Sir Richard Branson’s Virgin Money, which recently bought Northern Rock, has increased interest rates on its credit cards by almost 50pc in the latest blow to consumers already hit by rising mortgage rates. 
The banking group has issued a “take it or leave it” ultimatum, telling customers to accept the rises or pay off their balances.
Rates on purchases using Virgin credit cards, provided by MBNA, have soared from 16.8pc to 24.9pc. The average credit card charges 18.9pc. Virgin has also increased rates on balance transfers, from 18.9pc to 27.9pc.
The move has been criticised by Virgin Money’s customers and comes just days after mortgage lenders, such as Halifax, raised their standard variable rates, pushing up monthly payments for tens of thousands of home owners.
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The US Federal Credit Unions Visa Gold credit card is one of three Visa cards offered to members. In order to apply for this or any of the credit unions cards you must first qualify for membership and open a member savings account with a $5 deposit.
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Most banks are there to make money for their stockholders, just like any other business. Credit unions are different. They are not-for-profit organizations created to help people meet their financial goals. They are also owned by members. CBS News reports that many people are turning to credit unions because of lower costs and better customer service.
US Federal Credit Union Information
Credit unions usually service a select group of people.
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As expected, average 0% credit card balance transfer fees increased in March from a multi-year low of 2.95% back above the 3% mark to 3.1%. Average 0% balance transfer durations, which had also fallen to a 9 month low of 12 months, rebounded slightly to 12.17 months.
The expected drop in balance transfer fees occurred as a result of the termination of a limited time, 12 month 0% APR no fee balance transfer offer from Discover on February 29th. In the absence of this product, Slate from Chase is presently the only major credit card offering a 0% APR on balance transfers that charges no transaction fees. All other major companies are charging fees of 3% or more on 0% transfers.
Although common prior to the credit crisis, no fee balance transfer offers have been a rarity over the past three years.
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