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“Switch to save”, urges comparison site

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Consumers with massive credit card bills could save more than £300 by switching their credit card providers, price comparison site Moneyfacts has said.

Research carried out by Moneyfacts showed someone with a Smile standard rate credit card at 18.9% APR and a balance of £2,500, could save £325.24 by switching to Abbey. This card currently charges 0% interest for the first 12 months and has a 2.5% balance transfer fee.

Savings can also be made on overdrafts of £1,000. According to Moneyfacts, someone with a NatWest current plus overdraft, charged 19.99% interest, could save £19.90 by switching to Alliance & Leicester’s Premier Direct which charges 0% interest for the first 12 months (assuming funding of £500 per month).

Andrew Hagger, spokesperson for Moneyfacts, said: “Thousands of people will have taken a sharp intake of breath when they realised the extent of their Christmas overspending as their latest credit card bills hit the doormat. Rather than doing nothing and paying a fortune in interest charges, why not see it as a kick up the backside to switch your credit card to a cheaper deal?” 

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