Latest Credit Card Scam

You're going to like this one. Barclaycard is promoting a new credit card with "zero percent interest forever." That's forever, with a capital F.

Wait just one minute, though, before the forums suddenly empty as everyone dashes off to order one. There's a slight drawback. It only applies to balance transfers and not new purchases.

Bummer!

"Who cares," I can hear some of you saying, "I'll just transfer all my present credit card debts over to my new Barclaycard, and as long as the minimum payment's not too high, take my time paying them all off. Hell, I'll just keep spending on all my other cards and then transfer them over from time to time."

Well, not wishing to piss on your parade, but I find myself duty-bound to inform you of some of the small print.

You see, the rate (0% forever) lasts only until the transferred balance is paid off (and not forever at all).

"Who cares, that WILL be forever if I have my way. I'm off."

Well ..... er ..... unfortunately, it won't. You see to qualify you've got to spend at least £50 a month on the card, which, by the way, accrues at an extortionate rate of 17.9% and CAN NOT BE PAID OFF UNTIL THE ORIGINAL BALANCE HAS BEEN CLEARED.

Now that last bit is standard practice, but what it means in simple terms is that from day one the card is costing you 17.9%, and will carry on doing so for every month that you owe money on it. And you always will owe money on it until you've paid off all your balance.

Nice one.