Consumers transfer over £1 billion per month to new credit cards
Published On 1 April 2008
New research has suggested that consumers in the UK transfer over £1 billion every month between credit cards.Sainsbury's Finance estimated that around 716,600 people transfer a total of £1.1 billion a month between credit cards.
The research also found that the average balance transfer is around £1,555. However, around ten per cent of people plan to transfer over £4,000 between credit cards.
It noted that the average interest free period on balance transfers is around nine and a half months, but that some credit card companies offer better deals lasting over 12 months.
Donald MacLeod, head of cards at Sainsbury's, commented: "There is a significant market for cards offering balance transfers as our research indicates that 40 per cent of card holders think it will take longer than one month to clear their current balance.
"Although there are a number of credit cards offering introductory zero per cent on balance transfers, there is a considerable difference in their duration so people need to choose carefully.
"Also, when choosing a card for a balance transfer, it is also worth considering what else it offers."
