Stoozing

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Stoozing

The practice in which the holder of multiple credit cards profits from taking advantage of differing interest rates and moving balances between cards.
References in periodicals archive ?
Rate tarts can easily get pounds 15,000 on their plastic over nine months before they have to pay interest.
In 2004, Professor David Miles, in his study of the UK mortgage market carried out for the Government, concluded that action needed to be taken against the rate tarts.
The website says rate tarts had a ball in 2008, carrying out an average 650,000 balance transfers each month.
RATE tarts jumping from one nought per cent credit card to another could be better off PAYING for their card.
Meanwhile, Rate tarts (cardholders who move from issuer to issuer to finance their debts at no cost) are estimated to have cost the industry a further pounds 600 million in lost revenue on balance transfers, say PricewaterhouseCoopers.
It added that multiple card holdings and so-called rate tarts, who use their credit card as a short-term free borrowing facility, were contributing to the rise in the number of cards being issued, and by 2008 there would be nearly two credit cards in circulation for every adult in the UK.
The group estimates so-called rate tarts have cost the industry around pounds 600m in lost revenue on balance transfers, despite the fact many providers have introduced 2% balance transfer fees.
Richard Mason, of financial website moneysupermarket, which lets you compare 308 different cards, said: "We have a lot of rate tarts on our site and we welcome their business.
Credit card companies are cutting back on zero per cent balance transfer deals, reducing the options for rate tarts who rotate their debt between different providers, figures have shown.
Card companies are now complaining they are losing money at the hands of rate tarts, many of whom are as skilled as John at exploiting the boom in 0pc deals to switch their debts around.
Faced with an increasing number of so-called rate tarts - who move their mortgage from lender to lender in search of better deals - many companies have raised the exit fee they charge in a bid to recoup some of the loss.
Richard Mason, the site's director of credit cards, says: "It maybe that people don't want, nor have the discipline, to be savvy rate tarts over the longer term - especially now that many zero per cent cards have started to impose balance transfer fees.