Abbey Credit Cards reveals switching trend

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Abbey Credit Cards reveals switching trend

Tue 16th Oct 2007

A study by Abbey Credit Cards has found that an increasing number of people in the UK plan to switch credit card providers in the next year.

Some 6.5 million consumers in Britain plan to change their provider during that time period, which reflects a five per cent increase on the previous year.

More than half (51 per cent) of those who plan to switch will do so to take advantage of an interest-free introductory period on balance transfers, according to the figures.

Meanwhile, one-third hope to benefit from a cashback offer and 29 per cent are anticipating an interest-free period relating to new balances.

Roger Lovering, managing director of Santander Cards Limited, said that the findings reflect "the intense competition in the credit card market".

"With £11 billion at stake, it's the credit card with the best deal that wins," he added, explaining that Abbey Credit Cards offers a 12-month interest-free balance transfer period, five per cent cashback from major supermarkets and three months of free interest on new purchases.

Recently, separate research from Abbey found that cashback was the most valued credit card feature.

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