Balance Transfers likely to go soon?

skater_kat

andyfromotley wrote: »

Nope, don't see them going anywhere quickly.

The profit mainly comes from people who don't or can't switch at the end of the 0% period and let it fall into high interest rates.

The switch fees probably help make it all cost neutral to run the account and the cost of borrowing the money for the cc company.

Of course if everyone switches then it becomes a less viable proposition. I can see more restrictions coming in. In particular a reduction in the total amount of your BT allowed on your credit limit to 80% or 75%, in the hope that people will spend the remaining balance thus incurring interest.

But the market place seems incredibly competitive at the moment with a good choice of long term high fee transfers (3 years at 3%) or shorter term low fee ones (1 year .25%). Long may it last! (or at the very least until I've paid mine off!!)

just seen your signature. how did you get rid of 12k of debt in less than a month?! amazing! :T