Consumers who have been slammed with high interest rates, new annual fees, and reduced credit card rewards during the past two years will be pleasantly surprised to find that a number of credit card companies are offering money saving promotions this month. Credit card deals abound as credit card companies roll out the red carpet to lure in new customers.
Perhaps the best credit card offers currently being advertised provide 0% interest rates on balance transfers for as long as 18 months. With these balance transfer offers, consumers can transfer high interest debt from their current credit cards to a new credit card that charges no interest for up to one and a half years. While these deals do come with balance transfer fees that range from three to five percent, most consumers who are paying double digit interest rates will find that they can save around one hundred dollars for every one thousand dollars of debt they transfer to a new credit card with a 0% interest rate.
While not as generous as the deals being offered for balance transfer credit cards, a number of credit card companies are offering 0% interest rates on new purchases that last a full year. These 0% APR credit cards are ideal for people who are about to make a large purchase they know they will not be able to repay immediately.
Another lure being used by credit card companies to attract new customers is the cash back promotion. Major credit card companies including Chase and Discover are currently offering new card members as much as $100 if they sign up and spend between $500 and $799 on their new credit cards within three months. While these offers are enticing, it is best to avoid them unless you plan on using the new credit card for more than just the free money.
Airline credit cards are also offering strong promotions. Two cards in particular, the Gold Delta Skymiles credit card and the Continental Onepass credit card offer card members free checked bags on top of 25,000 free miles. These cards do come with annual fees that are close to $100, but a family of four who travels once a year can save $200 on baggage, making these good cards for both families and frequent flyers.
For additional information, please see the October credit card offers report posted on Smart Balance Transfers.