Ever wondered how credit card companies make a profit off 0% balance transfer deals?

New research from financial comparison site moneysupermarket.com has estimated that nearly 1 in five would-be ‘rate tarts’ fail to move their balance to a new card before their introductory offer ends, and this failure costs a collective £1.7bn in interest each year.

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The game of easily transferring balances from card to card to obtain indefinite interest free credit could be nearing the end with the announcement by Egg plc that they are to introduce a fee for every balance transferred.

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