Technology Can Now Save Thousands in Credit Card Interest Charges
Released on = September 30, 2006, 10:13 am
Press Release Author = Inteltab
Industry = Financial
Press Release Summary = 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.
Press Release Body = FOR IMMEDIATE RELEASE
10/01/2006
Technology Can Now Save Thousands in Credit Card Interest Charges
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 1, 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."
The service is completely free to use.
For more Information and a free downloadable guide, contact:
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