Credit card holders face rising interest rates due to "rate tarts", it is being claimed by one independent financial advisor .
MoneyExpert.com maintains customers whose credit cards zero per cent balance transfer deals have expired look set to be hit by lenders hoping to cash in on those who switch providers.
The website claims that last August only 19 cards charged interest of 18 per cent of higher on balance transfers but this figure has now risen to 42.
It claims money lenders are tightening their criteria to make it harder for people with debts to get new cards in order to enjoy continuous zero per cent credit cards .
Sean Gardner, director of the MoneyExpert.com, said: "Switching credit cards used to be commonplace and being a rate tart was seen as a sign of being savvy with your cash . But getting a credit card is much more difficult now."
Credit card holders who do not pay off their debts could be hit by very high interest rates on their remaining balance once the zero per cent balance transfer expires, he added.
MoneyExpert.com is a comparison website that aims to help its users get the best deal available.
News Side
Credit card 'rate tarts to blame for rises'
Tue, 26 Aug 2008
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