Amex shows red card to rate tarts

From today, new customers will no longer be able to move existing credit card debt to Amex as it takes action against people who switch from one provider to another when introductory offers cease.

Robert Kenley, head of cards at moneysupermarket.com, told website This is Money: “Although this is not the end of balance transfers per se for Amex, it does prove that for some providers recruiting customers by way of an attractive balance transfer rate is not always a viable business proposition.”

Consumers had been attracted to interest free credit card offers and switched credit card debt to take advantage of no interest.

If credit cards do stop giving interest free deals, it could mean that Britons will start having to face up to the large amounts of debt they are piling up on them.

track