Balance Transfer Day, the primarily Facebook movement aimed at convincing consumers to move higher interest rate credit card balances to lower interest rate credit cards, is facing complaints from supporters after one of the site's founders has been found to have links to websites which make money from consumers opening new credit card accounts.
Media outlets have reported that Michael Germanovsky, the originator of the Balance Transfer Day site, is an editor and writer at Credit Land.com and BestCreditOffers.com, two websites that make money from advertising aimed at getting consumers to open new credit card accounts.
Balance Transfer Day acknowledged the link with the sites, but pointed out that the BTD site has not promoted the other two sites.
“Aside of this time and bio of the founder, this site has never mentioned Credit-Land.com and has never advertised their services, as media blames,” the site said, calling it “oxymoron” [sic] for the site to have started a website working against credit cards.
“It would be like cutting a branch on which you sit,” the site said.
But at least a few of the site's supporters remained skeptical. Caleb Sarge Davis of Casselberry, Fla., wrote “you own the site, mentioned it now and make money off credit card applications. 3 reason's you're wrong.”
Terry Goffinet added, “if you were a part of #OWS [Occupy Wall Street] at all, or had taken the time to understand it, then you would be aware of and committed to the principle of transparency. By not following this basic tenant, you have outted yourself as either someone looking to financially benefit, or someone out to be a hero. We don't have time for either.”
As of Dec. 7, 610 Facebook users have enrolled in the site by clicking the “like” button.