If you have credit card debt, your window for a balance transfer may be closing

Posted: 10 May 2020 10:00 am
News

A hand with a set of credit cards isolated on white table

Learn about the cards that have changed their balance transfer terms and what you should do.

As the coronavirus pandemic continues to lean on the US economy, several banks have begun quietly removing language around introductory balance transfers from their card offerings.

As of now, 10 major cards have changed their balance transfer offers, with several openly removing their offers altogether.

Credit CardChangeCard type
Capital One® Quicksilver® Cash Rewards Credit CardBalance transfer intro removedCashback; introductory APR
Capital One® SavorOne® Cash Rewards Credit CardBalance transfer intro removedCashback; introductory APR
American Express Blue Business Cash™ CardBalance transfer capabilities removed entirelyBusiness
The Blue Business® Plus Credit Card from American ExpressBalance transfer capabilities removed entirelyBusiness
Chase Slate® credit cardCard temporarily removed from the Chase websiteIntroductory APR
BankAmericard® Credit CardCard temporarily removed from Bank of America websiteIntroductory APR
PenFed Promise Visa® CardCard temporarily removed from PenFed websiteLow APR; low fee
BankAmericard® Credit Card for StudentsRemoved from Bank of America websiteIntroductory APR; student
Chase Freedom®Balance transfer offer still stands, though balance transfer language was removed from the introductory APR description on the Chase websiteCashback; introductory APR
Chase Freedom Unlimited®Balance transfer offer still stands, though balance transfer language was removed from the introductory APR description on the Chase websiteCashback; introductory APR

What does this trend mean?

If you’ve been thinking about applying for a balance transfer card but haven’t begun research, now is the time to start. While balance transfer offers are unlikely to disappear, your ability to find one favorable to your financial situation might just be shrinking as the credit card industry continues to react to the pandemic.

It’s unclear why several of the cards have disappeared from bank websites, though such disappearances typically precede major changes to a card’s features. Review your debts and finances to determine how long of a balance transfer introductory period you’ll need for repayment.

Photo credit: Getty Images

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site