Yesterday I noticed while looking at the AmEx Everyday that the terms and fees had no mention of balance transfer rates anywhere. I didn't think much of it at first as googling didn't have any info directly relating to AmEx's alleged closure of the feature.
Looks like the Everyday card is coming off my want list, at least for now. BT was the only reason I wanted it.
@M_Smart007 wrote:
@Jnbmom wrote:Funny dh and I just got BT offers from disco and PF?
PF has been hammering out those BT's .. probably flush with cash from the now "pandemic savers"
I have had no offers from Disco in over a year. But did get 0% purchase APR on old card for 1 year.
Maybe, but there's still plenty of uncertainty in main street, if I were a lender I wouldn't want to be the one left holding the bag on the consumer's way to a BK. I'm more surprised anyone is allowing BT's right now, or ones that don't come with things like POI just like any serious loan product (read as mortgage or similar) would.
@Jnbmom wrote:Funny dh and I just got BT offers from disco and PF?
DH just got a fresh offer from Disco this week. Again, I think they might be scaling back on folks they consider risky, but clearly they have not stopped altogether.
@Anonymous wrote:I recently just got a BT offer from Disco, checks in the mail and all. Also a Family memeber just apped with Amex and Citi and both products came with BT offers in the promo. So they're not totally gone.
@Revelate wrote:
@M_Smart007 wrote:
@Jnbmom wrote:Funny dh and I just got BT offers from disco and PF?
PF has been hammering out those BT's .. probably flush with cash from the now "pandemic savers"
I have had no offers from Disco in over a year. But did get 0% purchase APR on old card for 1 year.
Maybe, but there's still plenty of uncertainty in main street, if I were a lender I wouldn't want to be the one left holding the bag on the consumer's way to a BK. I'm more surprised anyone is allowing BT's right now, or ones that don't come with things like POI just like any serious loan product (read as mortgage or similar) would.
While I would agree, in that sense you would think new accounts would be off the table as well. Though at least that debt has some swipe fee revenue where as a BT does not, only the one time 3-5% fee. The new account comes with 0% APR for generally a minimum of 12 months, so that promotes spending and carrying a balance through that period anyways.
The only benefit of the BT is no HP. But if I was truly in need of the extra credit, 0% APR and didn't want to pay a BT fee. I'd simply app a new card and ride out the 12 months, that's what I've been doing on my CFU since August of 19. Though i understand this process doesn't help those people with existing debt that needs paid, and not everyone is in a situation to app a new card.
Actually I'm 99% sure it's looked at very differently from a risk perspective.
Someone burning through 10K in swipes, I have time to deny them or cut them off at the knees at any point if I (or more to the point my algorithms) suspect this ain't going to end well. The salient detail there is running up 10K in swipes takes time; however, someone transferring 10K on a BT, that is instantly debt on my books that I can't do anything to defend against... except not offer them in the first place.