When I was still a student I, like I imagine many students, was a "rate tart". What that meant was that I would jump ship between credit cards and transfer balances to get the freebie 0% interest rate and rack a bit more debt for my hedonistic pleasures.
I fear that someone in the Welsh Office may now be doing the same thing. Apparently in 2004-05 the spend on the corporate credit card in the office was just £1,213.41, The following year it was £4,371.46. Then something odd happened in 2006-07 - in a department of just 60 staff it leaped to £13,950.40.
Balance transfer anyone? According to the Welsh Office the steep rise "is the result of an active programme within the Wales Office to encourage their use." (a policy success?!) Apparently this has actually "saved" money on processing and transaction costs and so "the increase reflects greater usage of cards, rather than increased overall spend."
I'm impressed I must admit. I never thought I'd see the day where daily compound interest of an average of at least 10% pitched as a way of saving money. I reckon they're all just getting they're own back for the poor bonuses.