|
|
|
|
Balance Transfers
As the credit card market has become more competitive card issuers are encouraging existing card holders of
other companies to switch credit card balances to their card. One incentive is to allow the balance transferred to the new account
from the old card to be interest free for a period of time, perhaps 6 months.
Some times loan balances or overdrafts from other providers can be switched under a balance transfer.
However read the small print very carefully as there may be certain conditions in relation to new spending volumes
and outstandings which have to be met before you receive the full advantage of the offer.
It is not unknown for certain people to regularly take up these offers and switch every 6 months to a new issuer
offering balance transfers thereby gaining a much longer period of interest free borrowing. These individuals are known in the business as 'credit card tarts'
|
|
|
|