If you have credit card debt, your window for a balance transfer may be closing
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 Card | Change | Card type |
|---|---|---|
| Capital One® Quicksilver® Cash Rewards Credit Card | Balance transfer intro removed | Cashback; introductory APR |
| Capital One® SavorOne® Cash Rewards Credit Card | Balance transfer intro removed | Cashback; introductory APR |
| American Express Blue Business Cashâ„¢ Card | Balance transfer capabilities removed entirely | Business |
| The Blue Business® Plus Credit Card from American Express | Balance transfer capabilities removed entirely | Business |
| Chase Slate® credit card | Card temporarily removed from the Chase website | Introductory APR |
| BankAmericard® Credit Card | Card temporarily removed from Bank of America website | Introductory APR |
| PenFed Promise Visa® Card | Card temporarily removed from PenFed website | Low APR; low fee |
| BankAmericard® Credit Card for Students | Removed from Bank of America website | Introductory APR; student |
| Chase Freedom® | Balance transfer offer still stands, though balance transfer language was removed from the introductory APR description on the Chase website | Cashback; introductory APR |
| Chase Freedom Unlimited® | Balance transfer offer still stands, though balance transfer language was removed from the introductory APR description on the Chase website | Cashback; 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
