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Credit Card 0% balance Transfers may become harder
27/08/2008
Credit card balance transfers on 0% deals or otherwise known as “rate tarts” may become more difficult as credit card companies tighten up.
These customers take advantage of 0% deals by continuously transferring their card balances from one card to another in the aim to pay off their debts.
Research carried out by experts from MoneyExpert.com predict that credit cards users who are coming to the end of their 0% deals may face huge rises in interest rates and also may find it much more difficult to transfer to another 0% deal as credit card companies tighten up.
“They will soon have little choice but to repay the money they owe or face rising repayments.”
Director of MoneyExpert.com said, “Switching credit cards used to be commonplace and being a rate tart was seen as a sign of being savvy with your cash. But getting a credit card is much more difficult now.”
“The days of the rate tart are numbered as the effects of the credit crunch filter into the credit card system. With balance transfer fees now the norm and with banks being much more stringent with whom they lend to, most people will have to accept that having a credit card does not mean having free money.”
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Football Credit Cards
Liverpool FC
Balance Transfer: 0% for 12 months
Purchases: 0% for 3 months
Apr: 15.9% Apply >
Man Utd FC
Balance Transfer: 0% for 12 months
Purchases: 0% for 3 months
Apr: 15.9% Apply >
Chelsea FC
Balance Transfer: 0% for 12 months
Purchases: 0% for 3 months
Apr: 15.9% Apply >
Arsenal FC
Balance Transfer: 0% for 12 months
Purchases: 0% for 3 months
Apr: 15.9% Apply >
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