Credit Card News Unlimited Balance Transfer Fees Now The Norm 17802520
Unlimited balance transfer fees now the norm
17 October 2006
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 three per cent 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.”
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