Balance transfers are a commonly used tactic by those that have large credit card debt and are continually looking to move this debt on to new providers.
People that pursue this strategy are known as card tarts and have been known to continually roll debt from one provider to another for years on end.
Credit card providers that offer nine month free interest card credit recoup their money in other ways. The usual tactic is to charge the card tart a percentage of the amount that they are seeking to transfer over to the new provider.
Card tarts take advantage of interest free deals
This is usually between two and three percent of the amount to be transferred from one loan provider to the next.
The card tart needs to weigh up whether this small transfer fee is cheaper than having to keep paying interest on card debt with an existing provider for nine months.
Some of the best deals can be interest free up to 18 months
Some of the best deals can actually be longer than nine months. The best deals on the market can be up to 18 months of credit card free credit. Of course, with such a long interest free period, the initial transfer fee is probably going to be higher and again this needs to be weighed up by the card tart.
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Card Tarts are well known as people that have gott an obscene amount of unsecured debt in the form of huge credit card bills. It beggars belief that people get themselves in these situations. If you can’t afford something don’t buy it. It was far to easy to get credit beofre the recession. Card companies were bending over themselves to lend people money. The flood gates were well and truly open and within the space of three years they were shut.
Agree, I love this phrase card tarts, its really quite hilarious. A Tart with a card. In truth everyone knows that card tarts are really debt junkies living massively beyond their means who see credit as a way to fuel their spending sprees whether its buying consumer goodies, paying for holidays or generally just partying hard. Sid, Southend
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