Are you one of the so-called “rate tarts” or unprofitable credit card users who loves moving your credit card debts around from one 0% credit card deal to another card to in order to keep your cost of repayments down? If so, you are facing the possibility of not being able to enjoy the best deals in future anymore.
The 5 biggest credit card providers, namely Barclaycard, Capital One, GE Money, HBOS and MBNA, have made a voluntary agreement to share more details about each other’s credit card customers.
Details about whether you are on a promotional deal such as a 0% card, you pay off the card in full, or just make the minimum repayment are shared to allow credit card firms to score your creditworthiness and reject your future application with poor credit history.
This means credit card companies can easily weed out safe but unprofitable credit card users who have quite legitimately played the system to bring down their cost of repayments by switching their credit card debts from one 0% deal to another 0% card deal.
If you are a rate tart who repays your credit card debt on time but fail to generate enough profits for the credit card issuers, you may not be able to enjoy the best deals so easily in future.
