A crackdown on borrowers with patchy credit histories and the withdrawal of many 0% interest deals mean the age of the 'rate tart' could be nearing an end. According to research by price comparison website Uswitch a staggering £3.5bn of credit card debt has been left building interest as approximately two million rate tarts were rejected for their next balance transfer deal.

Many credit card borrowers have long seen 0 per cent balance transfer credit cards as a key tool for dealing with debt. 'Tarting' - the process of shifting otherwise expensive balances from one promotional offer to another has long since been regarded as a useful way of saving money and minimising debt payments.

Uswitch found one in 10 consumers has had an application for a credit card turned down over the past year, and almost two-thirds of these were borrowers looking to transfer a balance to a new card. With the average balance transfer worth £1,846, and the average interest rate on a credit card standing at 17.3% APR, anyone who had hoped to move to a 0% deal could instead end up paying £284 in interest over the next 12 months.
It's been estimated that rate tarts are costing the UK lending industry over one billion pounds a year, so it's not entirely surprising that they are fighting back!

So what can you do, if this is an approach you are used to?

1. Check your credit report

In the last year credit card providers have began to apply increasingly stringent criteria when assessing applicants' suitability for their market leading deals.
If it's been some time since you applied for new credit or if you have recently been refused a balance transfer, it's a good idea to get hold of your credit report. If something shows up that adversely impacts this, you may need to think twice about applying for an interest free deal.

2. Consider fully before applying

Don't do anything before checking your credit report, if there is any doubt in your mind. Any application for credit will leave a "footprint" on your file that other lenders can see, which will impact future applications elsewhere.

3. Consider Alternatives

If you think there may be an issue with your credit situation, consider some alternatives, eg a long term, low rate balance transfer or a market leading personal loan. Both may be more expensive than your initial intention, but could still cut the cost of a standard credit card balance.

4. Actively manage debts between your existing credit cards

Whether some, all or none of your balances are at promotional rates, it makes sense to repay the card with the most expensive APR first.
Furthermore, if you have spare credit on any of your existing cards, it may be worth asking your provider for a special balance transfer deal. Many will consider this to keep your business. A key savings tip here must be to reduce the average interest rate paid across all your debts.