Banks and building societies have an insulting term - rate tart
- for their customers who act sensibly and move their accounts to make sure they are always receiving the best interest.
Other words included in this latest edition include chugger (defined as a charity worker who approaches people in the street in an attempt to solicit regular donations) and rate tart
(a person who frequently moves money between different savings accounts in order to take advantage of the most favourable rates of interest).
If taking out and repaying loans seems like too much hassle there is an easier way to exploit the interest-free cards - become a "rate tart
It pays to be a rate tart
- make a note in your diary when the deal comes to an end.
SELF-proclaimed "rate tart
" Richard Beatson, 29, regularly switches his card balance to take advantage of 0 per cent introductory offers.
( A person who frequently moves money between different savings accounts.
So how do you go about ditching your prudish ways and becoming a rate tart
SAVE hundreds by becoming a credit-card rate tart
- disloyally switching from zero-per cent deal to zero-per-cent deal.
Says Anna Bowes at Chase de Vere: "The message for savers from now on is: 'Be vigilant and be a rate tart
. Make sure you are in a position to switch money from one account to another when figures move the wrong way.
He is a 'rate tart
' who continually switches between 0% finance deals on credit cards to keep his debts interest-free.
It added that they also tried to combat the 'rate tart
phenomenon', with consumers staying with their credit card for only as long as the zero per cent introductory interest rate offer lasted.
Being a "rate tart
" could also affect your credit rating and your ability to borrow or get a mortgage.