2 April 2008
About £1.1 billion is transferred between credit cards on a monthly basis, according to new figures released by Sainsbury's Finance.
But the firm warned that a number of deals only offer interest-free periods on balance transfers for six or nine months, reports Easier.
Head of Cards at Sainsbury's Finance Donald MacLeod urged consumers to look carefully at the terms and conditions being offered by service providers, even if swapping may seem like a good idea.
"Although there are a number of credit cards offering introductory 0% on balance transfers, there is a considerable difference in their duration so people need to choose carefully," he commented.
Consumers in the south-west are thinking of switching their cards the most (15%) while only 5% in Wales and Scotland have said they want to switch.
James Falla from Thomas Charles recently suggested to customers that they should budget their finances in the bid to avoid any debts.