One of the most popular types of credit cards over the past few years is the balance transfer credit card. As consumers in the UK have acquired credit cards in record numbers, the credit card issuing companies have found themselves in the position of having to entice customers to switch cards in order to keep increasing their business. The original idea was a good one, based on card loyalty and inertia. The reasoning was this: get people to switch credit cards by offering them a low interest rate to transfer their current balances from other credit cards. Once they'd made the switch, they'd stay with the new credit card company after the introductory rate was ended, gaining a long term customer for the company.

The only problem with the scenario was that all the credit card companies jumped on the balance transfer bandwagon, and before long 0% balance transfer offers were competing with each other for the same customers. Some consumers saw an opportunity to