Around the World – Around the Corner (forbes)   Leave a comment

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Royal Guard

We often overlook that fact that the current financial crisis is global. We tune into cable news channels and watch the talking heads as they defend one side of the aisle over the other; accusations fly of the right protecting the rich, or the left giving it all away to the poor.  Everyone wants to rescue the American economy, but it seems no one knows how. Should someone come up with the answer, the other party will surly knock them down. Such are the joys of America’s two-party system. Outside of America however, many banks are devising their own plans to get people spending again. Globalization being what it is, we can all share in their efforts.

Barclaycard, the United Kingdom’s first and most successful credit and loan provider, recently introduced the longest ever 0% balance transfer deal; 24 months. A real money saver for consumers, the unusually long introductory rate may well save customers a huge amount of money in interest payments. Previously, Barclaycard introduced a 20-month balance transfer credit card.  The previous release was not without its criticisms; many complained that only those with the best of credit were able to qualify for the card. A good deal isn’t that good of a deal if no one qualifies. It remains to be seen if they will revamp the qualifications on this latest incarnation.

Barclaycard’s 2-year offer came quickly on the heels of Halifax Bank’s, another U.K. based financial institution’s, 20-month balance transfer deal. British owned Virgin Money has introduced a 19-month balance transfer, and American owned MBNA Corporation is offering their 19-month plan also. Do keep in mind, besides being harder to qualify for; these balance transfer deals do carry restrictions. Most will not allow you transfer a balance from one of their own cards, and usually there is a fee involved. However the money saved over the course of 19 – 24 months, would most likely be worth the one-time fee.

It will be interesting to see how successful these programs become and how other banks and lending institutions will react to their success. Thanks to the internet and its online banking services, whatever deals exist anywhere, usually exists here too. Accounts opened via the Internet are often preferred; some fees frequently will be waived for opening your account

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Posted July 26, 2011 by ilanamelissagreene in Uncategorized

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