From The Debt Advice Bureau:
Zero Rate Balance Transfers: R.I.P.
It could be the end of 0% balance transfer deals on credit cards as
card issuers are forced to introduce charges in order to stem the
losses caused by “rate tarts” who continually switch from
one zero rate deal to another.
Last week Mint, owned by Royal Bank of Scotland, joined the ranks of
providers such as MBNA
and Barclaycard when it became the latest card issuer to impose a
one-off fee on balance transfers form other credit cards onto their
0% deals.
Until the summer last year transferring balances to a 0% or low rate
credit card was free. Last August that all changed as Barclaycard
heralded the impending demise of free balance transfers when it
became the first card issuer to introduce fees for transfers,
charging 2%, up to a maximum of £35, of the total amount…
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