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2007-02-26 23:20:33

When credit card deals are too frequent

There are customers who like sweets like nothing else in the world. Those quick-witted pick plums out of the pudding and frequently shift between 0% credit card deals to maintain their credit card debt rate-free. And they have a suitable nick: credit tarts. Such clients come to about $2 billion a year to the financial industry.

Credit card companies answer them, just keeping them as customers, but lowering their fixed interest rates. The issuers give reasons to stay, for instance, they can reduce your interest rate for long-term relationship.

Surely companies are not in the mood to have more than 70 per cent of population using the advantageous deals and then quitting the game. This in now one of the vital issues - how to behave with credit tarts, if they will remain with the companies and how these companies can retain the consumer.

Today some people use the word "tart" jokingly, however, some dislike credit tarts and use the word combination as offending. You can also benefit from the best credit card deals if it you burn with desire to switch from card to card. They say, people save and make money on it.

Why do people become credit card tarts? One of the possible reasons is flat refusal, when you ask a bank to lower your rate or provide a zero rate grace period. Such inflexibility makes customers look for better credit deals on the side. A person will just switch between two cards.

This is a normal customer behavior, so may be the term "credit tart" is non-applicable here? Any savvy consumer is forced to save on new credit card deals. If the rate is not good for you, won't you change over to a balance transfer card? Surely you would like to make a credit card company work for you. The best way will be to repay the balance at the end of the month.

If credit card companies do not start rewarding their customers, people will go on shopping around for the best deals because it is more gainful. This also applies to mortgages and loans when we can shift for the best rates.

Behaving like a credit card tart is thriving, if you apply self-organization (to move to another card timely) and information (to choose one of the available rates).

Usually the perks that attract people include:

Low or 0% APR balance transfer rates (customers can transfer balances with a high rate to credit cards with a lower rate).

Low APR for purchases (customers can make a major purchase with 0% APR).

These good marketing steps are considered to hold the consumers even after the incentive expires. Many people remain loyal, but not credit card tarts. Being a credit tart, for example, you can move a balance to another card, or "surf" the rate.

Rate surfers can enjoy a low or zero APR for balance transfers, and repay part of balance, thus saving hundreds of dollars. Reading the fine print has always been the be-all and end-all of their running. If you want to profit by rate, scrutinize which operations the better rate relates to (rates may differ for cash advances, using checks and purchasing).

To succeed in rate surfing, it has ever been crucial to make timely payments and keep up credit score. A good credit history is the true indicator you are eligible for a new credit card deal, so getting a credit card deal becomes much easier. If you decide to use many attractive credit card deals, make sure you can manage your spending, as one day you can find out that switching doesn't work. A plastic card is not that wooden money, so cease borrowing and liquidate your debts.

To prevent interest rate abuse, credit card companies have introduced countermeasures, like one-shot balance transfer fees (fixed rate). Sometimes the fee is uncapped, so a large balance transfer can lead to a large fee. This way credit card companies make credit card deals less appealing, and beat their brains about dealing with rate surfers and restricting credit card tarts.

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