A year ago, it was possible to find 0% balance transfer offers lasting up to 15 months and fixed APR balance transfers for life with interest rates as low as 2.99%.  Today, the best balance transfer offers only last 12 months and most balance transfer rates only last 6 months.  This is bad news for consumers, as many of us have recently seen our long term interest rates rise substantially, with one major company raising rates to 29.99% on nearly all of its customers.

Faced with significantly higher interest rates, securing a 0% balance transfer for 12 months today is imperative.  Credit card companies have been increasing the requirements to get approved for new credit cards throughout the year, and the most recent Federal Reserve survey of loan officers indicates that getting approved will only get more difficult.  This means customers who don’t take advantage of 0% balance transfers today may find it even more difficult in February, when new credit card laws are enacted. (more…)