MONEY-SAVING MOMENT: The nation’s four biggest banks are throwing around some really cheap money for their most credit worthy customers.
My wife has phenomenal credit. She’s been getting endless preapprovals in the mail, just like in the old days. In yesterday’s mail alone, she had seven preapprovals that showed up, all shouting about why they’re the best.
The offers she’s been getting are overwhelmingly for reward program cards. Occasionally, though, I’ll see a zero percent offer for so many months.
Bloomberg reports Bank of America, JPMorgan Chase, Citi and Wells Fargo are now making offers that involve ultra low and even zero percent interest rates as teaser rates. The story is that all the big banks are competing over the same narrow pool of customers who generally have credit scores of 760 to 850 on the FICO scale.
Here’s a quick rundown of what’s available right now in the marketplace for those with good credit:
- Bank of America is offering zero percent interest through June 2012
- Chase is offering $5,000 in convenience checks with zero percent for 15 months
- Citibank is offering one percent on balance transfers through February 2013
- Wells Fargo is doing a series of mailings offering interest rates from zero percent to 7 percent