In the wake of Bank Transfer Day, someone has started a Facebook page dedicated to getting consumers, if possible, to move their loan balances away from credit cards issued by big banks and onto zero interest rate cards preferably issued by credit unions and community banks.
“By participating in Balance Transfer Day and switching your debt from a high interest card to a no interest card, we will send a message to banks that we are fed up with outrageously high APRs and no longer willing to accept these costly rates,” the organizers said in a manifesto about their effort.
“You can find credit card offers for 0% interest rates on balance transfers online or by visiting a local branch of your bank or credit union,” the organizers said.
The group did not discuss the chance that some consumers may not be able to move card balances due to issuers higher credit standards and their own possibly lower credit scores.
The page also provides links to creditcardconnection.org, a website founded by a credit union card consultant that provides consumer information to consumer-friendly credit union credit cards.