17 October 2007
More and more people are willing to switch credit card provider to get a better deal, Abbey have said.
According to recent research carried out by the credit card provider, around 6.5 million Britons will make the switch over the next year - representing a 5% increase in numbers.
The interest-free introductory period on balance transfers offered on a new card is given as the primary reason for changing providers by the majority of those surveyed by Abbey (51%).
A lower APR offered on a rival card was also cited by 19%.
Roger Lovering, Managing Director at the credit card division of Santander - the Spanish bank which owns Abbey - said: "These figures just show the intense competition in the credit card market.
"With £11 billion at stake, it’s the credit card with the best deal that wins."
The multi-billion total - the funds which will be transferred between cards in the UK over the next year, according to Abbey - works out at an average of around £1,710 being switched over for each customer.
Over the course of the research, over 1,000 British adults were questioned about credit cards by pollsters ICM.
© 2008 Adfero Ltd
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