Financial Investments

Balance Transfer Day — when consumers were urged to send big banks a message by switching their credit cards with money on them to companies that offered lower interest rates — came and went without much splash on Dec. 11.

“Take that, big banks, we’re moving our business to credit cards with balance transfer promotions,” or some screech that customers were supposed to make. In other words, moving their business from one credit card to another was supposed to send a message. That’s not much of a message of defiance if you’re just going from one bank to another.

The advantage of 0 percent credit cards is that transferring a credit card balance to a new credit card that has a zero percent introductory interest rate can save you money if you pay off the zero-interest credit card before the introductory rate expires, anywhere from six months to as long as 21 months.

Moving to a zero interest credit card is a great idea if paying the transfer fee is worth the savings, but as far as making a political statement to big business, there have to be better ways.

While many news websites wrote about the event that was originally promoted on Facebook (618 Likes as of Dec.

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