This economic crisis has definitely hit many industries in our society including the credit industry. Due to this economic slowdown, availability of zero balance transfers features in credit cards has been elusive. Before this crisis, there were many credit card companies which offer 0% balance transfer promos. There are still those who do offer balance transfers with 0% interest rate, but it requires much scouting to find them.

The crisis makes it difficult for people to obtain fast and easy credit. Many people have been missing out on payments; ruining their good credit standing. Many have declared bankruptcies causing anxiety to many credit card companies. Some credit companies were forced to pull out their offerings.

Some argued that 0% balance transfer scheme led to the disaster of big American credit and investment companies. They were unable to control their credit activities that resulted into chaos which eventually toppled investments and banking industries.

Despite a slack in the economy, as mentioned earlier, there are still credit companies that dare to offer 0% balance transfer in their cards. This is a strategy to make clients stay and get even more clients. They have made safety precautions though. Once balance is transferred to them, they provide a period wherein cardholders can be charged of only low or even 0% APR. Typically, this offer lasts for 6 to 12 months after balance transfer.

You must be able to understand the workings of the APR if you are deciding to get a card. It is an essential part that relates to the charges you have in your credit. The APR differs from one card to the other. They also vary with the type of card you hold. Some cards come with a transfer fee, usually a percentage of the balance you transferred.

During this period of economic recovery, many companies have not yet reverted to the usual scrapping of the 3% balance transfer fee. Many have eliminated the maximum ceiling on transferred balances. Meaning, those who transfer huge balances will be subjected to high transfer fees.

As I have mentioned a while ago, there are still credit companies that offer zero transfer schemes. You just have to patiently look for them. For those who are still contemplating on balance transfers, do not feel so low.

Zero transfers are a great way to save on costs. With this, it is vital that we do our share in the recovery of our economy to put back this credit industry into its feet and start serving the nation again.

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