Changing credit card providers appears to be a more attractive option than last year it has been claimed.
A report by Abbey Credit Cards reveals 6.5 million people will switch cards over the next year, an increase of five per cent since last year.
The research shows over £11 billion will be transferred between credit cards, at an average of £1,710 per transfer. More than half of people switching will take advantage of zero per cent on balance transfers and one in three will use a cashback offer.
Managing director of Santander Cards Roger Lovering says: “These figures just show the intense competition in the credit card market. With £11 billion at stake, it’s the credit card with the best deal that wins.”
According to the British Banker’s Association, there were over 66 million credit cards in issue at the end of August 2007, 64 per cent of these were active. Outstanding credit fell to £63.3 billion, down four per cent on the previous year.
© Adfero Ltd