New Credit Card Offers on the Rise - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » New Credit Card Offers on the Rise

New Credit Card Offers on the Rise

New Credit Card Offers on the Rise
The content is accurate at the time of publication and is subject to change.

The credit market has been tumultuous, to say the least, over the past few years. Consumers and small businesses looking to open new credit cards were finding approval rates low and opportunities scarce. Even those already wielding a credit card experienced account closures, interest rate increases and changes to the terms and conditions of the card. Times, however, may be changing. Consumers may find more favorable credit card offers showing up in their mailboxes, including offers for fee-free and interest-free balance transfers, below-average APRs and longer introductory rate durations.

Balance Transfer Fees

At one time, credit card issuers encouraged credit card holders to transfer balances from other credit cards. Typically, the encouragement came in the form of low balance transfer fees and a zero percent interest rate for a set period of time. Incentives started to wane as the credit market started to decline, and as banks saw costly new regulations for credit cards on the horizon, low-rate balance transfers were one of the first paces they looked to recoup lost fee revenue. But it seems as though balance transfers fees are heading back down as competition rises again.

Lower APRs

Annual percentage rates were on a roller coaster ride during the troublesome credit times. The average APR in the third quarter of 2010 was 14.02%, which increased to 14.03% in the fourth quarter. As the new credit laws are setting in, 2011 is already seeing some lower APRs, and this trend is expected to continue throughout the year.

Longer Introductory Rate Periods

Many credit cards offer new customers or cardholders that transfer balances a low introductory rate for a limited time. A year ago, about 20 percent of balance transfer offers had a low introductory rate for 13 months or more; now about 58% do. The average introductory period lasts about six months, but many card issuers are now extending the period to one year or slightly more to 13 months.

As the economy and the credit market stabilize, they could bring good news to credit card holders. Credit card terms and conditions will become more favorable for the users. And those who are seeking new credit or more beneficial credit terms may only have to look in their mailbox to find them.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

New CENTURION Lounges in London and Charlotte

Posted: December 7, 2018

Travelers who pass through Heathrow airport when heading to London and Charlotte Douglas International Airport in North Carolina may well be happy to learn that American Express is opening new Centurion Lounges in both these airports. ... Continue reading
Mastercard Sets up Shop

Posted: December 6, 2018

MasterCard is rolling out their own online store, offering visitors a 3D platform, where they can shop just like they would in a brick and mortar store, using virtual technology. This way they can get the feel of real-time shopping while ... Continue reading
Data Breach at Marriott Affects 500 Million Starwood Guests

Posted: December 5, 2018

If you have stayed at a Starwood hotel you might want to keep an eye on your credit report because Marriot has announced that the Starwood guest reservation system was breached. Reportedly, this hack may have compromised the personal ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate.
For Excellent, Good Credit
INTRO OFFER: Discover will match ALL the Miles you've earned at the end of your first year, automatically. For example, if you earn 30,000 Miles, you get 60,000 Miles. That's $600 towards travel!
For Excellent, Good Credit
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!