Yes we know that you can still find credit cards with a 0% interest tag for an introductory period. But hey, look at the fees they charge for transferring your balances from your previous credit card!

The Nationwide offers 13 months at 0% but has a 3% transfer fee and MBNA’s 13 month 0% deal has a 2.9% transfer fee. Even Barclaycard’s 0% 12 month offering has a 2.5% transfer fee.

The average transfer fee for such deals is now 2.92% up from 2.74% this time last year. Indeed, some cards charge up to 5% for transfers, equivalent to three and a half months interest at a typical card interest rate of 17.3%.

This all means that rate tarts who have historically switched around between cards taking advantage of zero and low rate deals, are having a tough time as charges rise and credit is hard to come by.

And credit cards are becoming very choosey about who they accept. If you have a spotless credit record it may be possible to play the rate tart game for a little longer but with balance transfer fees rising, these charges are making the deals far less attractive.