Thrifty Brits are expected to transfer more than £1 billion between credit cards every month, new research reveals.
According to a study by Sainsbury's Bank, a total of 716,000 people transfer an average of £1,500 in an attempt to find the best credit card deal.
Donald MacLeod, head of card at Sainsbury's, explained that there is still a significant market for credit cards offering balance transfers as 40 per cent of card holders expect to take longer than a month to clear their balance.
He said: "Although there are a number of credit cards offering [an] 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."
Recent research from Fool.co.uk revealed that UK consumers are more likely to use plastic than cash when paying for everyday purchases.
News Side
GBP1 billion a month transferred between credit cards
Wed, 02 Apr 2008
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