Motley Fool: Smarter Balance Transfers
October 23rd, 2006 | POSTED BY ROB
If I were to ask how many Foolish readers have effectively made money from their credit card, I reckon the answer would be quite a few. After all, with the advent of the 0% balance transfer deal, 0% card for new purchases and the humble cashback card, there are many ways to make a quid or two from your flexible friend.
Balance Transfer Fees
However, those days appear to be numbered. Lenders have become increasingly unhappy about the losses they have incurred from 0% credit cards and bad debts - so to compensate they introduced the balance transfer fee. Essentially, this means that should you wish to take advantage of a 0% offer, you will have to sacrifice at least 2% of your saving as a charge to your provider….
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