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Banking and Cards Research

Digging into the Customer Experience: Banking and Credit Cards

Corporate Insight’s Bank Monitor, Credit Card Monitor and Small Business Card Monitor provide ongoing coverage of the products, websites and overall customer experience offered by the nation’s leading banks and card issuers. Our value-added banking and credit card research digs deeply to evaluate the retail and small business customer experience.

Balance Transfer Centers PDF Print E-mail
Balance Transfer Centers allow users to quickly and efficiently consolidate their balances from various creditors onto a single card account, generating fees for the issuer along the way. In this Credit Card Monitor Report, we investigate the current state of Balance Transfer Centers, looking at the options and functionality provided to account holders. In particular, as we examined the currently available balance consolidation tools, we focused on the following questions:
  • Does the issuer’s transfer center utilize a multi-step format with a distinct verification page?
  • Are multiple rate/duration transfer offers available to card holders?
  • What options do clients have for moving multiple balances or requesting convenience checks?
  • How are the various balance transfer centers laid out? 
 Despite the prominence that Balance Transfer Centers maintain on many firms’ sites, with several offering their tools in dedicated main navigational tabs, several issuers have recently removed their transfer features or reduced access to them. Of the firms that continue to offer balance transfer tools, all but one provide their tool within a multi-step format. To aid clients in completing a transfer, 50% of firms offer a progress meter, while two issuers include access to a balance transfer calculator.
 
Several firms have integrated options into their transfer centers over the years, with three firms allowing clients to make multiple transfers simultaneously and every single tool including a way for multiple rate/duration offers to be presented to qualified card holders. Beyond this, three firms enable clients to request Convenience Checks, and one allowing its card holders to transfer cash into a linked checking account. Additional key findings include:
  • Transfer tools vary in length from a single page up to four pages
  • Two firms currently provide card holders with a Convenience Check request tool even though they do not have widely-available traditional transfer tools
  • Every issuer now assesses a transfer fee for using their consolidation tool, with fees ranging from 3% to 5% of each transfer
 
 
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