1 June 2005
New research has confounded previous claims of the UK being a nation of 'rate tarts', who flit from one credit card provider to another.
Morgan Stanley's credit card index has revealed that, while increasing numbers of credit card companies are adding fees to their zero per cent balance transfer deals, most consumers in the UK are not taking these deals, and are staying with their credit card provider for six years before switching.
The index showed that just 19 per cent of those who have recently applied to change have been with their card provider less than two years.
Patrick Muir, marketing director, Morgan Stanley Consumer Banking, said: "Our research suggests that cardholders are wising up to short-term deals, as the majority of those currently switching or planning to switch are not moving from one short-term offer to another."
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