Some seven out of eight credit card providers now have unlimited fees on balance transfers, according to new research.
As credit card providers seek to avoid "cheap debt", balance transfer cards which charge no fee are becoming obsolete, a study by MoneyExpert has found.
Of the 133 credit cards currently available on the market, 17 remain which can be used as balance transfer cards with no fee, the company revealed.
The typical charge applied by credit card providers for customers looking to switch their balance is between £30 and £50, claimed MoneyExpert.
Sean Gardner, chief executive of MoneyExpert, believes that if borrowers may find better value by opting for a credit card with a good long-term rate of interest, rather than switching often and paying fees.
"Playing your cards right is becoming more and more difficult as credit card providers raise the stakes on balance transfers," he remarked.
"The days of easy credit and companies falling over themselves to allow customers to switch between cards are over."
These views echo those of an analyst at Moneyfacts, who recently claimed that fee-free balance transfer cards are a "dying breed".
Most balance transfer cards charging fees, study shows
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Most balance transfer cards charging fees, study shows
Tue, 17 Oct 2006
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