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Credit card industry reins in balance-transfer offers as banks from JPMorgan to Amex fear defaults

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18 hours ago, MP80 said:

Adding an echo to TJSpend's slogan "this must be a personal thing" and I concur. Chase records all financial details to every transaction inside and outside of your checking account, including savings accounts whenever Chase looks at your EWS file plus do a soft on your credit bureaus reports to further check your current debts to adjust your risk factors.

 

As pointed out by CT, the balance transfer of Bank of America is still valid. I think these benefits may apply to people who don’t need it as Hege smartly delineated.  :D  :wave:

 

This is so creepy and I feel like Jamie Dimon is stalking me.

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4 hours ago, smartlypretty said:

This is so creepy and I feel like Jamie Dimon is stalking me.

Every company wants data on your 

actions, spending, locations and behavior to sell products to you, make predictions about future consumer spending, and sell the data to other businesses. 

 

Jamie is just currently better at it than most.

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49 minutes ago, swimmingwithsharks said:

Every company wants data on your 

actions, spending, locations and behavior to sell products to you, make predictions about future consumer spending, and sell the data to other businesses. 

 

Jamie is just currently better at it than most.

^this

 

and just don't search for info on FDR and transaction-level data if you don't want to be freaked out...

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On 6/29/2020 at 1:42 PM, TJSpends said:

Interestingly, when I got my Reserve in May, I had this option for a "loan" and while I didn't take it nor need it now, thought I'd see if it still exists online...nope, I don't see that option like I used to or like you do.  I also clicked on BT and it said I had no offer available.  Certainly an individual thing for sure.  

 

Interesting. For another data point, I have the loan option available to me but no BT offers on any of my six cards.

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57 minutes ago, Kat58 said:

Received this offer today from FirstBankcard/Ducks Unlimited.

K0G5bH4.jpg?1

They are getting worse...the one I had from FNBO for the MLife account last month was 3.9% for life of the balance.  Same fees though, which is precisely why I did nothing with it other than toss it in the shredder...

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Up until about March, I was literally receiving 5-7 envelopes per week in the mail from multiple lenders.  Citibank was by far the most aggressive, and one day I even received 3 different envelopes from them with checks! Nothing since then and upon logging in to several accounts recently and perusing just for fun, I see no current offers....

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On 6/28/2020 at 9:37 PM, shifter said:

Forced? Nobody forced them to borrow money they can't pay back. That's the definition of overextended. Rolling 0% BTs indefinitely isn't a God given right. 

I won't argue with you regarding borrowing money you can't pay back but in the case of most loans, when you are offered low interest loans for years and years and your credit is excellent, it's easy to be complacent and figure that those offers would be available in the future especially when the economy is good.  It's a great lesson to learn...things can change rather quickly and to have a backup plan.  To go from 0% to 20%+ in a split second with no other borrowing options can throw most otherwise smart thinking people into a financial downhill spiral.  Fortunately, I experienced a few other recessions and the last one over 10 years ago was my wake up call seeing how Chase handled my accounts.  When people ask why do you need multiple lines of credit from multiple lenders...The scenario we are in right now is Exhibit A as to why.

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Posted (edited)
9 hours ago, direct said:

I experienced a few other recessions and the last one over 10 years ago was my wake up call seeing how Chase handled my accounts.  When people ask why do you need multiple lines of credit from multiple lenders...The scenario we are in right now is Exhibit A as to why.

Mine opinions...

 

-Capital One  👍
-Discover  👍
-FNBO  👍
-Amex  👎
-Chase  👎
PenFed  👎

 

Edited by MP80

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1 hour ago, MP80 said:

Mine opinions...

 

-Capital One  👍
-Discover  👍
-FNBO  👍
-Amex  👎
-Chase  👎
PenFed  👎

 

Blackballing WF, Barclays, Sync at least for now, and would never apply for Bank of Marin, Cross Country, Aspire (even if REANIMATED), First Premier, and Credit One.

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On 6/28/2020 at 7:48 PM, MP80 said:

Yup. Tightened a little. These two graphs depict the three-month shortfall in balance transfers.   :D

 

 

UbNmNkR.png

 

------------------------------------------------------------------------------------------------

 

 

 

08M0UqF.png

 

 

 

I received this offer 2 days ago. The previous offer was for a 5% fee :swoon: The first time that ever happened. I don't remember the other particulars.

 

0C1ycQh.png?2

 

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Posted (edited)
1 hour ago, Kat58 said:

I received this offer 2 days ago. The previous offer was for a 5% fee :swoon: The first time that ever happened. I don't remember the other particulars.

 

0C1ycQh.png?2

 

As of today, the quote is still the same as my last screenshot, but I paid off the balance before the deadline of July 9th. As with three months ago, the Promo APR was 3.99% instead of the currently offered 4.99%. Merely 1% increases.  :)  

 

By comparing your quotation with my quotation, in fact, your offers from Discover is more favorable, better.  :D

 

lgYyE67.png

 

------------------------------------------------------------------------------------------------

 

tT40TIX.png

 

Edited by MP80

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Kat, Discover clearly thinks you the "cat's meow"!  (mea culpa)  A 0%/3% fee 12-mo bt offer is the new holy grail!

 

My offers are akin to MP80 (last month, I think I posted that I didn't have an offer at all).

 

http://6Yw0NWU.png

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On 7/1/2020 at 10:12 AM, Kat58 said:

Received this offer today from FirstBankcard/Ducks Unlimited.

K0G5bH4.jpg?1

FNBO seems to be offering balance transfers again, and I thought they had stopped this transfer in April. I guess the bank will relax soon. Great!

 

vlwpulS.png

 

 

vKPXbet.png

Edited by MP80

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It's noteworthy that fnbo is putting bt offers on the table.  The offer, itself, isn't particularly attractive.  The rate on the 36-mo general purpose installment I took last year was 6.19%.  (Likely would be lower now.)

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They used to have an FNBO Amex 6.25% V and a 1.5% cashback offer. The time on the window of opportunity is very short, and many of us missed the opportunity to apply. It was a fixed-rate card, which is so rare and difficult to obtain.

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My last BT @ Barclays was 0% and $0 fee. When I logged-in last week, it showed 'BT Offer', so I clicked on it. It was over 22%.

 

Thanks, but NO thanks!

 

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