Credit card balance transfers

With the changing economic conditions, credit card companies have been making an effort to increase their profitability as the number of defaulters increase. As a result of this, the incentives offered to increase their customer base, like free balance transfers and 0%  APR balance transfers have greatly reduced. Also the credit limit for many credit card holders has been greatly reduced as this update on balance transfers indicates.

The change in credit limits for credit cards can adversely affect the credit score of an individual, which has wide ranging implications as it affects the job prospects as well as loan approval and interest rates for loans available. To get the best credit card deal, it is advisable to research all the options available at present.

Unlike a year ago, there are only a few companies that offer 0 balance transfer credit cards, and  the duration for which the 0% APR is available has been reduced to up to one year by many credit card companies. Some credit cards like the Discover More card offer 0% APR on balance transfers for a period of one year, and 0% APR on purchases for six months while for other credit cards like Citi Platinum select credit card the duration of the offer depends on the applicants credit history. Based on the credit card balance to be transferred and credit card usage pattern, an appropriate credit card can be selected and an online application can be made immediately.

Frugal in a recession

When the economy is booming and people are  the stock markets are rising, people spend liberally on holidays and luxury goods. In a recession, many companies lay off even competent employees, and it is difficult to find a good job.  So people are frugal and try to save as much as they can , in anticipation of a decrease in income in future.