Balance Transfer Day Controversy
Balance Transfer Day, the 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 that 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 CreditLand.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 Transfer Day site has not promoted the other two sites.
“Aside of this time and bio of the founder, this site has never mentioned CreditLand.com and has never advertised their services,” 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. Three 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.