(openPR) - Technology can now be geared towards saving consumers thousands of dollars on credit cards, a leading credit card service claimed today. This is achieved by automating the process that transfers balances from an old credit card to a new one, so that no interest charges are imposed. The process may be repeated over and over so that it is possible to not have to pay any interest at all for over twenty years. The service is free to use.
London, UK, and Miami, FL. - October 2, 2006
Technology can now be used for saving consumers thousands of dollars on credit cards, leading credit card service Credit Card Transfers claimed today. Their new service has now incorporated what is known as an autoresponder to tell people when their 0 APR period is about to run out. Up until now autoresponders have been the preserve of the Internet marketing industry. But "by moving them into the sphere of consumer finance we are providing the edge that people need to keep one step ahead of the credit card companies and the interest charges that can sometimes be very heavy", said CEO Gordon Goodfellow.
The service uses what is known as javascript code within the web site, which allows the user to easily select the week when the credit card's opening interest free offer expires. The system then automatically sends the card holder an email several days before that time. The email has a hyperlink in it that allows the balance to be transferred to a new card.
"The credit card companies have a responsibility to let their customers know when the interest free period ends", said Goodfellow. "But they aren't legally bound to shout about it. Nor are they very helpful in suggesting what happens after that time. Our system pro-actively assists with the transfer of funds, and can also assist well down the line for over twenty years, if that is what the user wishes."
Credit card companies increasingly apply percentage fees of up to about three percent to all balance transfers, so won't that defeat the whole point of such a service? Goodfellow quickly countered by saying that banks never offer something they couldn't afford in the first place. "By charging the transfer fees and then charging interest at the end of the term they are having it both ways", he said. "They also leave the higher interest transactions at the back of the repayment line, so unless the total balance is transferred, the more expensive elements will remain racking up interest."
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