It’s been a credit card industry loophole for several years – those credit card holders seeking to maintain a 0 per cent balance transfer rate by shifting from one credit card company to the next.
Banks and other credit card firms know these customers as ‘rate tarts’ who seek to pay off their debt with no extra interest, by moving their balance from one company offering a 0 per cent balance transfer deal to the next.
However, recent research from MoneyExpert.com indicates that these borrowers could now face interest rate hikes, with lenders also tightening criteria. One expert was reported as commenting: "They will soon have little choice but to repay the money they owe or face rising repayments ."
Credit card balance transfer tarts could face problems
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Credit card balance transfer tarts could face problems
Tue, 26 Aug 2008
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