Motley Fool: Smarter Balance Transfers

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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