Abbey Credit Cards: Demand holds up for zero per cent deals

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Abbey Credit Cards: Demand holds up for zero per cent deals

Nearly one quarter of credit card holders will make use of a zero per cent credit card deal in the next year, according to new research from Abbey Credit Cards.

Its study found that 22 per cent of people are going to take advantage of such a deal in the next 12 months, an increase from 19 per cent since the post-Christmas period.

Abbey Credit Cards said that the study suggests people are using balance transfers for "extra flexibility" in managing their finances.

Young people aged 25 to 34 are the most likely to be using zero per cent credit, as 34 per cent intend to transfer a balance.

The average amount being transferred was found to have fallen from £1,711 in the time after Christmas to an average of £1,604 in the next 12 months.

Callum Gibson, head of Abbey Credit Cards, warned balance transfer customers to read the small print as fees might outweigh savings.

Consumer group Which? recently slammed payment protection insurance (PPI) on credit cards, saying it often covers only minimum repayments and could mean a balance would never reduce in the case of lost income.

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