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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 It is now over 6 months old so the content may be out of date.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

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