After dropping balance transfer promotions from their arsenals during the Great Recession, credit unions have begun offering them again.
Traditionally offered during the first quarter of the year when consumers seek cheaper rates for their holiday debts, credit unions are now defending existing card accounts from being poached by other card issuers.
"Previously during the downturn, I am sure many will remember that card offers from banks almost completely disappeared," said Ann Farrell, senior portfolio consultant with Card Services for Credit Unions. "There were a number of different new regulatory initiatives, banks were closing accounts and raising interest rates and the low interest offers vanished. Now they're back and credit unions have had to start paying attention."
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