Card companies sharing info - end of tarting?

sarahs999

Apologies if there' another thread on this already, I couldn't see it. I was just shocked by what I readi n Martin's newsletter this morning, that some of the big lenders are now going to share info so that they can see exactly how you are using your cards, so they will be able to spot the serial tarters. Of which I am one. This is very bad news for me as it would mean lots of horrible interest rates which i have manged to avoid for many years now.

What do you all think - is tarting now doomed, much as stoozing seems to be?

latecomer

I doubt it as the credit card companies will still want you to take their card if you dont already have one and move your debt across so they can potentially gain from it in the future.

sarahs999

Yes, but if they can see from your records that you don't get caught in their traps and just move your debt elsewhere...... then I imagine they would class you as a non-desirable customer...

latecomer

But if the 0% deals are going to become thin on the ground then at some point a lot of people are going to be stuck on the lenders standard rate. I guess only time will tell.

Trembling_Turnip

If the govt is doing everything in their power to get people spending, I can't see that credit card companies are going to start refusing good customers with good credit ratings. They still get the transfer balance fee.

My current 0% deal ends in February and this is the second time Martin has made me panic about needing to switch right now.

:mad: