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Subject: Fiendish Financial Swindles

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Dementoid
Posts:388

06-03-2009 10:10 AM

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Four fiendish financial swindles
By Donna Werbner

There's nothing we like better at lovemoney.com than naming and shaming the banks which sneakily try to swindle you out of your hard-earned cash.

Here are four particularly fiendish tricks to watch out for - and how to avoid the financial stinkers that play them.

Credit card creeps

Have you ever wondered why so many credit card providers allow you to pay 0% interest on balance transfers?

If you reckon it's out of the goodness of their ever-so-fantastic plastic hearts, then you're dead wrong. To make a profit out of you on the sly, cards offering 0% interest rates have often got a nasty trick up their signature strips. It's called negative payment hierachy - and it forces you to pay off your cheap, interest-free debts first, allowing your expensive, interest-bearing debts to fester and increase.

Goodies: Nationwide and Saga cards operate a positive payment hierarchy, so their cards are safe to use for both purchases and balance transfers. Alternatively, this Halifax card and this Bank of Scotland card offer the same period for 0% balance transfers and purchases, effectively freeing you from the negative payment hierarchy trap.

Baddies: Every other credit card provider! So if you want to get a 0% card from any of these credit card creeps, make sure you get one 0% card for balance transfers and a different 0% card for purchases.

prettydwt
Posts:15

31-01-2012 3:54 AM	Alert
Thanks for the information’s. Very nice and a good list, I will surely follow it. Thank again __________________________________________ Laboratoires Sebbin actu

dannydwt
Posts:13

31-01-2012 9:45 AM	Alert
I really do appreciate the way you have presented this specific topic and it also does offer me a lot of fodder for thought. However, thanks for this phenomenal point and even though I cannot necessarily concur with this in total, I value your own mindset. __________________________________________ ellijay georgia real estate

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