Jump to content

Please consider disabling your adblocker for CreditBoards if you have not already done so.  This site depends on advertising revenue to stay online.


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

Recommended Posts

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.

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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...

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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...

Share this post


Link to post
Share on other sites

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....

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.





About Us

Since 2003, creditboards.com has helped thousands of people repair their credit, force abusive collection agents to follow the law, ensure proper reporting by credit reporting agencies, and provided financial education to help avoid the pitfalls that can lead to negative tradelines.
×
×
  • Create New...

Important Information

Guidelines