Some £11.9 billion will be transferred between credit cards over the next six months alone, claims market research from Capital One.
Almost six million credit card holders will each move an average £2,601 between zero per cent and low interest balance transfer credit cards claimed the study.
“Around 57 per cent of credit cards offer zero per cent interest on balance transfer, but people switching balances to these cards need to choose carefully because the length of interest free periods varies dramatically,” said Justin Basini of Capital One.
“For example, nearly four out of ten of these cards have zero per cent interest balance transfer deals that last for six months or less, which may not be long enough for some people.”
Only 43 per cent of balance transfer users clear their balance in six months or less, with an average of ten months.
Almost 2.5 million credit card users will move £1,000 or less, two million are considering transferring between £1,000 and £2,000 and 678,000 will move between £2,000 and £5,000.
As many as 693,000 will move more than £5,000 between credit cards said Capital One.
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