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Transfer fees, a sting in the tail?Martin Lewes calls them "tarts" or “rate tarts” these are people who switch between credit cards to benefit from low introductory offers. These rates may look good at face value but many could get caught out by expensive uncapped fees. MoneyExpert.com said that unlimited balance transfer charges are now the norm with just one in eight credit cards capping fees. It comes as providers attempt to claw back money in the face of increasing bad debt within the Analysis by the price comparison website revealed that only 17 of the 133 standard credit cards that accept balance transfers set a limit on the fee - usually £30 to £50 - for customers. As with anything financial, research it thoroughly yourself before making any decision or commitment. |