Sainsbury's: Credit card balance transfers hit £6.68bn

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www.moneynews.co.uk > Credit cards > Sainsbury's: Credit card balance transfers hit £6.68bn

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Sainsbury's: Credit card balance transfers hit £6.68bn

Sainbury's Finance has found that over the next six months, 4.3 million people are planning to transfer a total of £6.68 billion between credit cards.

That equates to a staggering £36.74 million a day, the firm claimed.

Sainsbury's research also revealed that 35 per cent of credit card holders are currently paying interest on their balances, so it is not surprising that people want to take advantage of the zero per cent interest opening offers.

Donald MacLeod, head of cards at Sainsbury's, said that many people admit to finding it difficult to clear their spend in one month.

The average amount people plan to switch is £1,555, with 81,000 people intending to transfer more than £5,000 and 95,000 credit card holders hoping to switch over £10,000 onto a new credit card.

Mr MacLeod also advised customers to ensure that any purchases they make are covered by a zero per cent period, adding that its customers enjoy zero per cent on purchases made at Sainsbury's for a year.

Customers planning to switch in order to get a better deal should also be aware of the balance transfer fees.

MoneyExpert.com said today that while people could choose from 18 different credit cards with capped balance transfer fees a year ago, there are now just five different providers offering seven cards with the feature.
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