According to the firm, the process may be repeated over and over so that it is possible to not have to pay any interest at all for over 20 years.
The service has incorporated an autoresponder to tell people when their 0% APR period is about to run out. Up until now, autoresponders have been the preserve of the internet marketing industry. But, by moving them into the sphere of consumer finance, we are providing the edge that people need to keep one step ahead of the credit card companies and the interest charges that can sometimes be very heavy, said Credit Card Transfers CEO Gordon Goodfellow.
The service also uses javascript code within a website, which allows the user to select the week when the credit card’s opening interest free offer expires. The system then automatically sends the card holder an email several days before that time. The email has a hyperlink in it that allows the balance to be transferred to a new card.
The credit card companies have a responsibility to let their customers know when the interest free period ends, said Mr Goodfellow. But they aren’t legally bound to shout about it. Nor are they very helpful in suggesting what happens after that time. Our system pro-actively assists with the transfer of funds, and can also assist well down the line for over twenty years, if that is what the user wishes.
