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Credit Cards -
0% card advice issued by expert - 18/02/2008
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Balance transfer fees are on the up, an expert at Moneyfacts.co.uk has suggested.
Samantha Owens, the website's head of personal finance, said that balance transfer fees first began being levied on zero per cent cards by profit-seeking firms in 2004.
She added that fee-free transfers were now much more difficult to find - despite best-buy zero per cent periods appearing to lengthen in recent months.
"Balance transfer fees have increased with many being uncapped, lenders have tightened up their credit scoring criteria, so you need an almost spotless credit history to get your hands on one of these deals," Ms Owens said.
More generally, consumers were advised by Moneyfacts.co.uk to be aware of when their zero per cent periods ran out.
Ms Owens added: "Lenders recoup their costs and start to make their money once the card reverts to the standard purchase rate after the introductory balance transfer term has ended, so you need to be aware of the 'revert to' interest rate, as some of these can really hit your wallet hard."
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