One in four to switch credit cards

A new survey has revealed that almost one in four people are planning to transfer debt between credit cards over the next 12 months to take advantage of a 0% interest deal.

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The poll of 1,000 people for high street bank Abbey revealed that 22% of respondents would be making use of one of the introductory offers during the coming year, transferring an average of £1,604 each.

The age group most likely to take advantage of a 0% deal is the 25 to 34-year-olds, with 34% saying they planned to transfer their credit card balance to a new card in the next 12 months.

Callum Gibson, head of Abbey credit cards, said: "The research suggests that balance transfers are providing much needed flexibility to cardholders at a time when many are feeling the pinch."

Meanwhile, separate research suggests that balance transfer fees be could on their way down, following a saturation of 0% interest deals on the market.

Although balance transfer fees have gradually increased during the past year-and-a-half, providers are now looking for new incentives to pull in business.

Copyright © PA Business 2008

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