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Below is our recent interview with Michael Yanda from BalanceTransfers.com:
Q: Can you provide an introduction to BalanceTransfers.com?
A: BalanceTransfers.com was created to offer a resource dedicated to people that want to transfer a credit card balance to a different credit card.
The articles and credit card offers enable people to make informed decisions before transferring a balance. Making informed decisions, and getting the best available deal is what the site is about.
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Q: How has the credit card industry as a whole changed over the past 10 years?
A: There is a growing gap of prime and sub-prime credit products as well as applicants. Credit risk is a big word in today’s market. If an applicant with the same credit score was approved 10 years ago for a credit card for good credit, that may not be the case today. The great recession has caused lenders to be more selective before approving an application.
Q: What role does the internet play in regards to consumers searching for a credit card, as well as issuers?
A: The internet has certainly opened the doors to making better decisions for credit applicants. People can now compare numerous products side by side, including rates, perks, fees and credit requirements. Online applications usually result in near-instant decisions. Applications are also fast, encrypted and simple. The other alternative is walking in a bank and looking at a few offers – and make a limited choice on which card to apply for. Then there is also mail, which is very slow and less secure.
Q: What are your thoughts on the future impact of technology on the financial industry?
A: Security is always a priority in finance, and automation is creeping into nearly every business. We are now seeing crypto backed technology enter the financial market on a broader level. We feel that automation will play a bigger role in credit risk analysis. Maintaining or improving a credit score will remain important to get the best products going forward.
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Q: What are your future plans for BalanceTransfers.com?
A: A good balance transfer comparison calculator with more credit card offers is our first priority. This will give people more choice. Our second plan is to continue to add great content to the site regarding balance transfers, credit cards and improving credit scores.
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