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NatWest and RBS took all teaser rate credit cards off the shelf for new customers from Monday 17th March 2014 and launched a new Clear Rate Platinum Card, which has an upfront interest rate.
Some young, healthy people get the teaser rate, but certainly not everybody does.
While the teaser rate was applicable only for the first couple of years after which rates were pegged to the market rates, this scheme helped many banks in the takeover home loan portfolio space apart from new business
If we see too many lenders coming into the teaser rate space and the critical mass of such loans is too high in a portfolio, it could become a systemic concern.
Experts believe that teaser rate schemes hide a bombshell that could ruin your finances once they go floating.
In 2003, we had a new form of subprime, [and many of the subprime mortgages that were getting approved] essentially [had] a two-year teaser rate, [After the two-year period, the rate] then went up to a much higher interest rate.
For both closed- and open-end credit, the required information includes the period of time that teaser rate would be in effect, and the APR of the loan (or current payment) after the initial rate expires.
If you can't verify your income, you have nothing to put down on a new $600,000 home, and you can only afford the house at the introductory teaser rate, is it really all the fault of the bank lender and mortgage broker that you defaulted?
This explains why they are drawn to the zero percent teaser rate while dismissing the threat of the 2999 percent penalty down the road.
Assuming you can get a card with a low teaser rate, you'll save the most by transferring debt to another teaser card before your current rate expires, and then doing the same again and again, until you're out from under," say Invest in Yourself authors Eisenson, Detweiler and Castleman.
British provider of banking services RBS on Sunday announced that with NatWest they are taking all teaser rate credit cards off the shelf for new customers from 17 March 2014.