The pay his honest 5800 block of ridge avenue. As we spend the busy excursion spending season. Do you convey a balance for your credit score card every month? don’t anticipate that to remaining much longer. 3 in your side customer reporter jim donovan joins us now provide an explanation for how and why you may put together yourself. Jim. This is right.
Federal reserve bang and interest rates
The federal reserve bang willhigh interest rates for the very first time since 2006. when the fed raises rates it costs banks more to borough money much those extra costs eventually get passed down to consumers in the form of higher interest rates on lots of things including credit cards. as the holiday shopping season it looks like everyone is pulling out their plastic and credit card companies make it easy.
Credit card industry
A competitive and challenges time now for the credit card industry. that they’re doing whatever they can to at track customers. reporter: every time you turn around there’s another offer in the mail. as soon as oy get it i don’t even open it at all any more. i just stick with the cards i have. i don’t need any more credit. if i got great deal i might take a look at it. reporter: when the fed raises rates interest rates on credit cards will likely follow costing americans $6.6 billion more on wally on their credit cards. keep in mind the near future rates are probably going to be trending up. So it’s something you need to prepare yourself for reporter: now Lets consider a balance transfer offer.
Credit card balance transfer offers
So it makes eight really good time to jump on these deals while they’re still there. report roar credit cards senior industry analyst matt schultz analyse after serving 100 credits card .The first slate by chase offers 0% interest for 15 months. which is longer than the average period. and if you make the transfer within 60 days of getting the card, there’s zero — there’s no balance transfer fee. that can be a really good savings. capitol one quick silver one rewards has a short zero interest rate only nip months,.
there’s no balance transfer fee at all. the city diamond preferred card has the longest 0% interest rate period. 21 months. really long time. but it’s important to know that that one does come with a balance transfer fee reporter: One important thing is. In most balance transfer offers, you don’t make the transfer within 30, 60 or 90’s days after, receiving the card you can lose that 0% taj altogether.
Be sure to read the five print. jd, what do you think over time will zero% offers go away altogether. i think they’ll hang around. what will happen shorter periods of time. you’ll get them four months or sick months or extra fees are added on. so if you carry a balance which i tell people they really shouldn’t, you should pay off your credit cards if you’re carrying a balance, upping, now may ab good time to switch. because probably december, january, range the rates may.