0% Credit Card Deals May End

How does this make you feel? Credit card issuers and banks are complaining that they are losing money, because they’re customers are taking advantage of the special 0% balance transfer deals that they are all offering to entice custom away from each other, but are not to happy when we switch from one credit card to the next to get the best deal for us and not them, it all smacks of double standards, on they’re part, as they have been taking advantage of our, lets say poor spending habits with interest rates of up to 30% for many years.

The difference is that we are not so naive as we once were when it came to dealing with our finances, with credit card companies taking full advantage of this, so when the credit card issuers decided to get greedy and come up with special deals to get every potential customer out there on board, the last thing they thought of was they’re existing customers having the gall to turn these offers into financing their debt interest free for a stipulated term, which will be anything from 3 months to a full year.

All this jumping from credit card to credit card has been seen as an “infidelity” to credit card issuers and banks, thus leading to the term “Rate Tarts” being attached to those who took up the call, to say themselves cash and in some cases making cash from this practice can be accomplished.

But as with the credit card companies there will always be hidden agenda, when you buy into a credit card. These will consist of interest being added to any purchases made on the credit card that you have and will be charged from the exact time of purchase, with no interest free period that you will normally get from your usual credit card, so make sure when you change to a 0% balance transfer credit card, you either (1) don’t use it for any purchases or (2) try and buy into a credit card that will give you the special 0% deal on both balance transfers and purchases.

A down side to all of this jumping from credit card to credit card, is that you may find that your credit scoring may depreciate, as you will be seen as a non-loyal customer. You should also watch out that you do not go into this over and above your head, as with rises in the interest rates inevitable, you could find that you can no longer sustain to pay off the credit cards at the end of the 0% periods, because sooner rather than later the 0% period deals are going to stop and you will have nowhere to transfer your debt onto, leading to lots of interest being added on to your debt.