Credit Cards

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Wednesday, June 08, 2005

In UK, New Fees Imposed In An Attempt to Curb 0% Balance Transfer "Rate Tarts"

Credit card providers in England are cracking down on clever credit card consumers who are transferring their credit card balances from one 0% balance transfer deal to the next ("rate tarts".) But even with the newly imposed fees, many savvy credit card consumers continue to transfer their balances, because the savings in interest charges greatly outweigh the 2-3% balance transfer fee that these banks are now imposing. Click here to read the full story.

Balance Transfer deals seem to be evolving. Instead of offering an interest free introductory period for balance transfers, many credit card providers are now offering a 3.9% interest rate on balances transferred, a rate that stays constant until the transferred balance is paid off. Some banks are now giving you the freedom to choose either a temporary interest-free period on transferred balances, or a 3.9% fixed rate on transferred balances until the transferred balance is paid off. Freedom of choice is always a good thing!

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