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 ?
SELF-STYLED rate tart Richard Mason, who has more than 20 interest- free cards on the go, reveals how to make money on them.
Once the six months period is up, rate tarts simply switch to another deal offering a low introductory rate.
However, the curious success of the rate tarts should not blind anyone to the fact that juggling debts on different cards is a dangerous path for many who try it.
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 Thompson, of PriceWaterhouseCoopers said: "There is a clear danger that issuers are growing a breed of so-called rate tarts.
So-called rate tarts who switch between credit cards to benefit from low introductory offers could get stung by expensive uncapped fees, research warned today.
We are not particularly interested in people who want a good rate for two years and then to move on - the so-called rate tarts.
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.
Several issuers have introduced fees for balance transfers to deter rate tarts, who regularly swap cards in a bid to save money, while others are slashing their cashbacks.
The group estimates these so-called rate tarts have cost the industry around pounds 600 million in lost revenue on balance transfers, despite the fact that many providers have introduced two per cent balance transfer fees.
The group estimates these so-called rate tarts have cost the industry around pounds 600m in lost revenue on balance transfers, despite the fact that many providers have introduced 2% balance transfer fees.
Richard Thompson, partner at PricewaterhouseCoopers, says: 'There is a clear danger that issuers are growing a breed of so-called rate tarts who will move perpetually from issuer to issuer to finance their debts at no cost.