Monthly balance transfer of ‘£1.1 bn’

Around 716,600 Brits are transferring £1.1 billion between credit cards every month, it has been revealed.

According to Sainsbury’s Finance, 13 per cent of people intend to switch a balance of over £3,000 to a different card this month.

Donald MacLeod, head of cards at the firm, commented: “There is a significant market for cards offering balance transfers as our research indicates that 40 per cent of cardholders think it will take longer than one month to clear their current balance.”

Mr MacLeod advised people looking to take advantage of a balance transfer offer to check how long the zero per cent duration lasts and also what other benefits are available with the card.

Just over four per cent of people intending to transfer credit card balances are swapping a sum of over £5,000, the firm also found.

Abbey recently revealed that one in ten credit cardholders use their plastic for purchases on a daily basis.

© Adfero Ltd

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