Consumers 'failing to transfer' to 0% Cards - Credit cards - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Consumers 'failing to transfer' to 0% Cards

Consumers 'failing to transfer' to 0% Cards

Category: Credit cards

Updated: 04/02/2009
First Published: 04/02/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many consumers who resolved to transfer to a zero per cent balance credit card in the New Year have failed to do so, it has been found.

According to research from Abbey Credit Cards, 56 per cent of Britons used a credit card to make purchases over the Christmas period - the average spend being over £360.

But with many of these failing to clear their debt in January, the bank has revealed that a third who were planning to switch to zero per cent introductory offer have not yet done so.

Head of credit cards at Abbey Callum Gibson suggested that those carrying out a credit card comparison consider its own product, which includes a zero per cent offer on balance transfers for nine months.

"New Year's resolutions have a habit of falling by the wayside by the start of February but it's not too late for people to follow up on plans to better manage their finances," he said.

Last week Mr Gibson noted that consumers could use a reward credit card to make cash spent in supermarkets go further during the credit crunch

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Credit card mistakes cost borrowers £948m

At this time of year, many people could be turning to balance transfer credit cards in an attempt to overcome their Christmas debt. However, many of these borrowers could get caught out in the year ahead, and they could end up paying for it.

6 of the best balance transfer credit cards

Does the thought of opening your credit card bills fill you with fear? If so, you're not alone! Christmas may be over, but unfortunately, many people will still be paying for it, after turning to credit to cover the cost of their festive spend.

Get a better credit score for the New Year

A new year means a fresh start, and one of the best things you can do is take a cold, hard look at your finances – particularly when it comes to your credit score.