What does a credit card tart mean?
A credit card tart is someone who moves from credit card to credit card, taking advantage of the best offers. In the process, that person can save hundreds, and perhaps make money as well.
Many credit card companies offer incentives to get customers to sign up. Some incentives are low balance transfer rates. These allow people to transfer balances on which they are paying a high rate of interest to credit cards with a lower rate of interest. Sometimes this interest rate is as low as 0%, though this is usually available for a limited period of between six months and one year. Other balance transfer incentives offer a low rate for as long as the balance transferred stays on the card.
Credit card companies hope that people who take advantage of these incentives will remain with them even when the preferential period runs out. Many people do, but credit card tarts use these incentives to their advantage. Instead of keeping their debt on the same credit card forever, credit card tarts move their balances from card to card, taking advantage of the best offers. This is also known as ‘rate surfing’.
Rate surfing can save hundreds as people who are enjoying a low or nil balance transfer rate are able to pay off some of the balance when making their payments.
The key to being a successful credit card tart or rate surfer is to make all the credit card payments on time. Late payments will affect your credit rating. A poor credit history will make it harder to get a new card the next time you want to take up an offer.
Credit card companies are also becoming very selective about who gets their credit cards. This is another way of clamping down on credit card tarts, and this could have been possibly the reason why you have been denied for a credit card.