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Credit card firms are cracking down on consumers who frequently switch providers
for the best deals by leaving balance transfer fees uncapped in most cases.
According to the findings of financial website MoneyExpert.com just one in eight
credit cards, 17 of the 133 cards on the market, puts a limit on how high
balance transfer fees can rise.
The caps typically range from £30 to £50 but unlimited fees can be as much as 3%
of the balance, which for a person with a fairly normal level of debt at around
£5,000, would mean they pay a transfer fee of £150.
"Playing your cards right is becoming more and more difficult as credit card
providers raise the stakes on balance transfers," said Sean Gardner, chief
executive of MoneyExpert.com.
"The days of easy credit and companies falling over themselves to allow
customers to switch between cards are over. Rate tarts are being forced to raise
their game as providers take a tougher line."
Source:
Getting Paid
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