Many credit card lenders recently began offering accounts that gave consumers six months of interest-free spending as a way to lure old borrowers back into the credit system, according to a report from television station New York 1. These offers show lenders want more consumers who may have had credit trouble in the past to begin taking on credit card debt again.
However, consumers should be aware that zero percent interest offers typically also carry higher transfer fees than other cards, the report said. In many cases, they range from 7 to 9 percent. Others may carry caps on the amount of credit card debt a person can transfer to the new account.
Many lenders have increased their rewards offers in recent months as consumers have relied less on cards, by taking on less credit card debt and increasing payments on their monthly bills.