American Express Credit Cards stop offering balance transfers
www.moneynews.co.uk > Credit cards > American Express Credit Cards stop offering balance transfers
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Money News |
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American Express Credit Cards stop offering balance transfers
Fri 16th Jun 2006
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The decision came as a result of the "rate tart" phenomenon which American Express Credit Cards claim has dominated the credit card landscape for the last two years.
According to price comparison and switching website uSwitch.com the credit card industry has been losing around £600 million a year because of balance transfer offers and problems associated with them.
Nick White, head of personal finance at uSwitch, said: "The recent OFT announcement forcing credit card issuers to reduce the level of their default charges may have brought forward the timing of this move by American Express."
American Express Credit Cards was established in 1850 in New York City and it now operates in over 130 countries around the world.
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