Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Monday, July 04, 2005

UK Credit Card Companies--Fed Up with 0% Balance Transfer "Rate Tarts"--Now All Charging 2%+ Fee for Credit Card Balance Transfers

Here in the America, credit card companies are still offering some truly fantastic deals in order to get your credit card business, the best deals being those that combine an interest-free period on balances transferred with an interest-free period on new purchases made (also known as "free-free" deals--sweet!) But in the UK, credit card companies have had enough with all the profits they've been sacrificing by offering generous interest-free periods with their credit card balance transfers deals. Halifax (owned by HBOS), a major player in Britain's credit card market, has now joined competitors Barclaycard, Virgin, MBNA, Abbey, Alliance & Leicester and Mint in charging a 2% fee on credit card balances transferred. English "rate tarts"--people who bounce from one 0% balance transfer deal to the next in order to evade interest charges--are surely not happy about this news, as this could signal the end of an unprecedented era of savings for credit card consumers.

I'm sure that American rate tarts who read about this will be quite concerned as well, as this new trend in England could be a harbinger of things to come to the American credit card market. Time will tell. Click here to read the full story.


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