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April 3, 2008

Credit card holders hunt down 0% transfer deals

by Gill Montia

Story link: Credit card holders hunt down 0% transfer deals

UK consumers are transferring credit card debt of up to £1.1 billion each month.

Research by Sainsbury’s Finance estimates that this month, around 716,600 Britons will attempt to take advantage of the various 0% balance transfer introductory offers in the market.

Around 80 card providers offer 0% on balance transfers; however, the research found that many of the offers are for a period of six months or less.

The average interest free period on balance transfers is around nine-and-a-half months whereas some card providers will offer as much as twelve months interest free.

Donald MacLeod, head of credit and debit cards at Sainsbury’s, says: “There is a significant market for cards offering balance transfers as our research indicates that 40% of card holders think it will take longer than one month to clear their current balance.”

Sainsbury’s Finance points out that the current credit crisis makes it worthwhile to shop around for the best credit card deals.

According to the research, the average credit card balance transfer is £1,555 and one in ten of those intending to transfer have over £4,000 outstanding.

 

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