UK Money News
1st April 2008
Study terms of credit cards when switching, says Sainsbury's
Consumers seeking to take advantage of zero per cent balance transfers when switching their debt between credit card providers have been urged to scrutinise the terms offered before they do so.
According to Sainsbury's Finance, the number of Britons looking to transfer their credit card debt to another card provider is likely to be as high as 716,000 per month.
The survey also found that the average interest free period on balance transfers is nine and a half months, but also found evidence of a huge difference between providers.
This disparity means that it is vital that borrowers check the length of the zero per cent interest term, before committing to the card to give them the best chance of getting their debt under control, according to Donald MacLeod, head of cards at Sainsbury's.
He commented: "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."
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