Extended Balance Transfer 12 September 2013 at 10:03AM edited 12 September 2013 at 10:17AM in Stoozing: free cash from credit cards 4 replies 2.1K views

ronson59

My balance transfer will come to an end in January.
I then intend to move the remaining balance to another 0% card if possible, however I was wondering why none of the lenders offer to extend your current 0% period and charge you the fee again on the remaining balance?
I am aware they wish to charge you interest at the end of the transfer period if you have not cleared the balance but most people are going to be able to switch to another card(paying a fee)

thegfb

ronson59 wrote: »

My balance transfer will come to an end in January.
I then intend to move the remaining balance to another 0% card if possible, however I was wondering why none of the lenders offer to extend your current 0% period and charge you the fee again on the remaining balance?

Because they make more money from you paying interest

StuC75

Because they hope that people forget to transfer the balance on (or unable to) and then end up paying interest at the full rate; they dont want a 'clear' easy path and who can blame them. Instead if the account conduct is good they will offer new deals, so its best to have a couple of different cards to which balances can pass through to take best advantage of deals..

YorkshireBoy

ronson59 wrote: »

...most people are going to be able to switch to another card(paying a fee)

Could you provide a link to the reliable survey you've read/undertaken to back this up?

Because I'd wager "most people" are not going to be able to switch cards...otherwise loss leading long duration/low fee deals wouldn't be so commonplace.

Milarky

YorkshireBoy wrote: »

I'd wager "most people" are not going to be able to switch cards...otherwise loss leading long duration/low fee deals wouldn't be so commonplace.

I've often wondered why the practice of making repeated 'deals' with issuers didn't lead to those deals becoming unavailable selectively to stoozers. Was it that since the one thing all issuers could check was the credit reference file they were limited somehow? For instance, one should be able to look as 'how much' had been repaid (relative to reported income) over several years to be able to identify stoozing as having taken place.