Figures On Credit Card Balance Transfers

In a recent study it was found that about 1.1 billion pounds in credit card balances is being transferred per month in the UK. This means that many of the individuals are just transferring their debts from one card to the next. Sainsbury Financial released a study showing an estimate of 716,600 Britons will attempt to transfer their debts on credit cards in order to take advantage of the zero percent interest rates being offered. These introductory deals do not last longer than 15 months as a time, and many are going to be shorter. There are about 80 cards currently on the market offering zero percent interest on credit cards.

According to this information about a third has six months or less for the introductory offer. In most cases you are going to find that the cards have a nine month offer on average. Sainsbury believes anyone looking for a credit card offer with a zero percent interest on balance transfers should look for a twelve month grace period. There are several reasons behind this. One is that the longer you have to pay it off the easier it can be. Most individuals are not going to be able to pay off their cards without taking at least 12 months. According to the research the average balance being transferred on credit cards is 1,555 pounds with some transferring an outstanding balance of over 4,000 pounds. The zero percent interest on these cards for balance transfers can make all the difference.

There is significant market research showing that individuals are looking for this type of product. There are at least 40 percent of card holders who believe it will take longer than a month to clear their current balances, but with no interest to pay it would go a little quicker. The credit card crisis has affected the current credit card deals for the UK residents. These deals are being taken off the market in favour of earning a little more because the banks are struggling. This means the time is now to get an approval for a 12 month zero percent balance card.

Back To Financial News April 2008
Travel Rewards With Your Credit Card
APS and Prepaid Gold MasterCard
The Figures On Credit Card Balance Transfers
Pointers for Balance Transfers
Credit Card Interest
Credit Offers Limited
Executive’s Life Ruined by ID Theft
Getting Around Life’s Obstacles
How To Borrow A Grand
Paying for a Good Credit Rating
UK Debt and the Mortgage Industry
Abuse of Government Credit Cards
Asian Growth Helps UK
Banks Raising Funds Offers Hope
Darling and UK Banks Going Head to Head
Estate Agents and Card Fraud
Government to Help UK Banks
Insuring UK Gardens
Interest Rates Rising with Underhanded Techniques
Lost Luggage Insurance Removed
Overdraft Charges Increase Credit Card Balances
Prediction: 10 Percent Drop in Insurance Market
Rise in the Housing Market Prices
The Scams With Telephone Calls and Security Codes
UK Insurance Costs Rising