Credit card fees warning

Mon, 25 Feb 2008

The number of credit cards offering capped balance transfers is falling rapidly, according to one expert.

Sean Gardner, chief executive of MoneyExpert.com, explained that there are now only seven credit cards offered by five different providers with capped fees , something that could see "rate tarts" end up out of pocket.

Mr Gardner said: "Consumers looking to move credit card provider will be in for a nasty shock if they don’t choose a card with a capped balance transfer fee - so much so that the process of switching may be entirely pointless if the fee is too extravagant."

He added that someone transferring a balance of £5,000 to a new credit card could be charged a fee of up to £150.

Earlier this month, James Ketchell warned that people with a large number of credit cards may find themselves becoming detached from the amount of money they are spending and must bear in mind it will have to be paid back in future.
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