Expect substantially reduced 0% credit card offers to be in your mail.
The combination of new credit card legislation and overall credit tightening by banks is leading to diminished “teaser rates” 0% offers for credit card balance transfers. Earlier this month, the U.S. House of Representatives voted to pass the Credit Cardholders Bill of Rights, which was drafted to mirror regulations the Federal Reserve is planning to announce this fall. Good news for cardholders by eliminating predatory lending practices like retroactively applying interest rate hikes to balances and implementing new requirements such as a 45-day notice before raising interest rates.
There are some 0% rate offers around for those with excellent credit, but expect shorter promotional periods.
