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News Now

CU System
Balance Transfer Day linked to credit card promoter
MADISON, Wis. (12/87/11)--Unlike Bank Transfer Day, which is a grassroots movement with no connection to credit unions, Balance Transfer Day has been linked to a company that promotes credit cards.

Michael Germanovsky, founder of Balance Transfer Day, set up a Facebook page in November urging consumers to switch their credit card debt balances by Monday to lower-rate cards. He designated Dec. 11 as Balance Transfer Day. According to several sources, including The Huffington Post (Dec. 6) and The Baltimore Sun (Dec.7), Germanovsky is editor-in-chief of Credit-Land and BestCreditOffers that push consumers to products, such as credit cards.

Lead generation sites are legal. However, some consumer advocates say the sites aren't concerned about consumers' best interests, The Huffington Post said.

Consumers may believe they are obtaining the best available offer through one of these sites, while in reality they may be getting pushed to a substandard deal, Ed Mierzwinski, director of consumer programs at U.S. PIRG, a nonprofit group that handles consumer issues for the public good, told The Huffington Post.

A wave of anti-bank sentiment, galvanized most recently with Bank Transfer Day Nov. 5-- which led to membership increases at credit unions nationwide--may be resulting in lead generator sites trying to capitalize on frustration and anger over banks' fees and policies, The Huffington Post said.


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