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Capital Blow For Rate Tarts

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THE longest interest free balance transfer deal is being withdrawn from the market is what is another blow for credit card 'rate tarts'.

Capital One Platinum card, which offered 15 months of interest free credit when it was launched in September, will be taken off the market tomorrow.

The card had guaranteed that all balances transferred from rival cards would remain interest free until the January 1 2007.

Moneyfacts personal finance analyst Andrew Britchford said: 'This is a sign of the times in the current credit card market, with PricewaterhouseCoopers recently revealing that the 0% money is costing the industry over £600m a year.

'On top of this, there are reportedly a rising number of people defaulting on debts which is further adding to adverse effect on lenders profit levels.'


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There was a time when the backing industry saw the level of debt they held as an indicator of future profits. But now that the consumer is struggling, the banks are now starting to view debt as an indictor of future risk and losses.

The tide continues to turn.

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