If you have a great rating and no debt, then you could be in line to make some money. And you can do it using the tools that card tarts have been using for years.

The Card Tart System

Credit card tarts have used the incentives offered by lenders to their advantage for quite a long time. These incentives often consist of 0% interest on balance transfers for a fixed period of up to 12 months. Borrowers who have a debt apply for a new 0% card and transfer that debt to the new card. They make repayments as they normally would, but the balance owed is reduced since no interest is being charged.

When the incentive period is due to end, card tarts look around for a new 0% deal. They apply for the new card at least six weeks before the expiry of the old 0% deal, so they have plenty of time to transfer the outstanding balance onto their new 0% card.

This serial card switching allows borrowers to clear debt without paying

any interest. Lenders have begun to fight back as they are losing hundreds of thousands of pounds' worth of interest. Many of them now charge a balance transfer fee of about 2%. However, there are still some fee free balance transfers available, which is good news fro debt-free consumers looking to use the system to make some money.

How To Earn Money On A 0% Card

To make money from a 0% balance transfer card, it is necessary to have a good rating and to get two new cards. One card has a 0% balance transfer rate. This must be a card that does not charge a balance transfer fee. The second allows card cheques at no additional charge.

The borrower can use the balance transfer card to transfer a sum of money onto the card that allows card cheques. The borrower can then write a cheque for that amount and pay it into a high interest savings account. This strategy only works if the interest earned is more than the amount being paid. Borrowers can use the same technique to get a low interest loan. Long term balance transfer rates are lower than standard interest rates on loans.

But Is It Legal?

There is nothing to prevent borrowers from using their cards in this way. As long as they make repayments on time and in full, there are unlikely to be complaints. It is also essential to keep card applications to a minimum so there are no red flags on the borrower's report. There's no reason why borrowers who stick to these rules and make payments on time shouldn't make a bit of money from their cards. And while they're shopping around for the perfect cards, it's worth checking out the other incentives as well.

Joe Kenny writes for the personal finance sites http://www.cardguide.co.uk and also http://www.ukpersonalloanstore.co.uk.

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