Via this morning’s Wall Street Journal: “U.S. credit-card companies mailed 1.4 billion offers for new credit cards in the first quarter of 2011, a 69% jump from 826 million a year earlier.”
The credit card offers are mostly targeted to affluent customers, but there are also some good deals to be had if you have a mid-range credit score and history.
There is no doubt that banks are beefing up the incentives to sign up for a new credit card and toss your old one. Between long 0% intro APR balance transfers and bonus reward points upon signing (or, as more common, upon hitting a certain spending threshold within the first three months), it’s very hard to say no.
From the article: “…59% of the offers made for new credit cards in the first four months of the year included an incentive, compared with 30% during the same period of 2007.”
It’s a good time to be in the market for a credit card, especially since debit card rewards are now dead and buried, thanks to recent regulation that limits the bank’s ability to recoup such reward expenses through charging the merchant a higher fee.
When applying for a new credit card, try an online deal comparison service like ours to ensure you get the best possible account terms — and a long introductory APR period.
Also, be wary of mailed offers — you can usually find the same (or better) offer online with a bit of searching.
— provided by Outlaw; read more about which credit cards I recommend (and don’t recommend).
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