Billions to be transferred between cards by summer
Sainsbury’s Finance has revealed that 4.3 million people intend to transfer a total of £6.7bn between credit cards before July, which equates to £257.2m per week.
The findings also highlight that there are more than one in three credit card holders who are currently paying interest on their credit card balances.
Donald MacLeod, head of cards at Sainsbury’s, said: “It’s not surprising that 0% balance transfers are popular, as our research shows that there are an estimated five million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend.
“When choosing a card it’s also worth considering any purchases you may make and ensure that they are also covered by a 0% period.”
In terms of those people planning to transfer balances between credit cards over the next six months, Sainsbury’s Finance research also reveals the average amount people plan to switch is £1,555.