You’re smart. You've arranged a balance transfer to a new credit card with a fantastic promotional rate – maybe from Co-operative or Sainsbury’s Bank? (Yes, we cover those now!)
But then, out of nowhere, the promotional rate expires, and surprise interest fees appear. Don't worry, we’ve got it covered.
Card shuffling is a popular strategy for reducing credit card debt. By getting a balance transfer card, individuals can pay off their debt at a lower interest rate, in exchange for a small fee. These balance transfer cards usually offer a temporary promotional rate, which can be helpful initially. However, if you forget to switch cards before the promotional period ends, you might end up facing higher costs that could have been avoided.
📆 We remember, you relax
Managing balance transfers today is a pain, often requiring tedious, manual tracking with a spreadsheet or post-it note. That’s why we created our automated promo rate tracker. This can now remind you when your balance transfer rate is about to expire, helping you avoid those pesky fees. Just add the details of your balance transfer to the promotional tracker page, and we’ll notify you before the rate changes.
Roadmap
This is our first version, and we’re working on it being fully automated. The end product will look something like:
- Promo detection: If we think you're on a promo offer, we will nudge you to confirm some details
- Full transparency: We will show you the cost of your credit cards post expiry
- Timely reminders: We will remind you in good time when to start looking for a better product to switch to so you don't incur fees
We're always striving to make managing credit easier and we’d love to hear if this is helping you. We have just released the promo rate tracker and your feedback would be valuable.
Love this new feature? Think it’s missing something? You can reach us in the app or alternatively, send your suggestions to support@getincredible.com. We appreciate your feedback.
As always, Stay Incredible!
