Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Tuesday, October 04, 2005

Balance Transfer Alert: Washington Mutual Bank Merges with Providian National Bank

I received a letter today with the news: Washington Mutual (Wamu) is taking over Providian National Bank. This news has significance for anyone planning on taking advantage of a 0% balance transfer offer from either Washington Mutual or Providian, because, as you probably know from caveat #5 on the credit card balance transfer homepage, any balance transfer request made between two credit card brands that are owned by the same bank will almost certainly result in a rejection letter (and any type of credit card related rejection doesn't look good on your credit report.) So, in accordance with today's news, you shouldn't try to perform a balance transfer between any credit card owned by Providian and any card owned by Washington Mutual (and vice versa, of course.)

Earlier this year, Bank of America took control of MBNA, so you shouldn't try to transfer balances between credit cards owned by these two banks as well.

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