12 April 2005
Competition between rival credit card companies appears to be paying dividends for consumers.
A survey out this morning revealed that Brits are taking advantage of introductory offers and avoiding interest payments.
So-called "rate tarts" move their debts once the introductory offer expires, undermining the credit card companies' loss leading marketing tactic.
This practice is reportedly costing the industry dearly.
Research by Bristol Business School out this morning puts the figure at something like £80 million a month.
Some credit card companies have already ditched their interest free offers as a result of this trend.
Around 4.2 million people are thought to have taken out interest free credit card deals.
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