Thursday, October 29, 2009

Low Rate Credit Card Balance Transfers Available: Save. Money. Now.

By Delegate Saqib Ali (D-39).

As an elected official, I have a unique perspective to the grinding recession facing our nation. I unfortunately get to hear from too many of my constituents who are suffering from the poor economy. Day after day after day my inbox is filled with depressingly similar stories: Down-on-their-luck families facing lost jobs, mortgages slipping into foreclosure and utilities threatening shutoff. Too often the most I can do is lend a sympathetic ear or refer them to a County/State/Federal programs that might or might not help. It's not a very satisfying feeling.

But I am aware of one easy way that my constituents can save some serious cash. And I think I owe it to your readers to share it far and wide. In advance of the stringent rules enacted by the Federal Credit Cardholders Bill of Rights, credit card companies are raising their rates. A lot. My constituents have gotten notices saying that their APR will be rising to a mind-blowing 29.9% within 30 days. These constituents have balances that cannot be readily be paid off. What can they do to avoid being hammered?

If they have good credit, they can apply for - and will likely be approved for - a platinum credit card from the Pentagon Federal Credit Union. This card offers a sweet 4.99% APR on transferred balances (not new purchases) for 24 months. The one-time balance transfer fee is 2.5% but capped at $100. They are offering generous credit lines. One happy constituent was just approved for $25,000. On a $10,000 balance, that's a savings of as much as $2,400 per year. It works for me, so it could work for you.

BTW, you needn't be a member of the military to join this credit union. Anyone can join for a measly $5 over-the-phone payment. Do it now. Call: 1-800-247-5626. They are even open late: until 1 am EST for nocturnal people like me!

- Saqib


If you are wondering, No, I'm not making a penny off of this recommendation. PFCU doesn't even know that I'm blogging about them. It's just a good little secret that I heard that I didn't think I should keep to myself. If this helps you, please post a note in the comments. Please remember to sign your full name in the body of your comment otherwise it may not be printed.