7 April 2005
British consumers are increasingly choosing to transfer larger amounts of money between credit cards, a new report reveals.
Personal finance website uSwitch.com discovered that the average amount switched has risen to £1,400.
This figure represents a 22 per cent rise in the last six months.
But experts have issued a word of warning to consumers about doing this with their credit card balances.
uSwitch has warned that unless they are careful borrowers could see their schemes for saving money turn into costly mistakes.
"The balance transfer fee levied by some cards can prove costly to those consumers juggling their debt from card to card," said Nick White, head of personal finance at uSwitch.
"While zero per cent offers are likely to remain, other providers may follow Barclaycard's example by charging fees or become more selective about those customers they allow to transfer balances."
Avoiding pitfalls is possible however and one way to go about this is simply to pay more attention to small print, experts have said.
Which is the right credit card for you? Find out now by comparing cards with uSwitch.com's free and impartial service.
© 2008 Adfero Ltd
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