Britons waste 420 staying loyal to their credit cards


New research has found that Britons are wasting up to £423 per year by staying loyal to their credit card provider.

The research from MoneySupermarket found that on average consumers hold onto their cards for six years, despite potential savings if they were to switch.

When questioned only 9% of credit card users planned to switch providers in the next six months, whilst 66% said it was unlikely they would move.   The biggest reason for sticking with current providers was apathy and many consumers admitted that they were just too lazy to shop around.

However, failure to do so means that consumers could be missing out on considerable savings.  The average credit card interest rate is now over 17%, meaning that someone with a balance of £2,000 could  save £423 in interest by switching to a 0% balance transfer card for 2 years.

Andrew Cross @arcus said “With one in ten people planning to put Christmas spending on their credit card it makes sense to look at interest rates to see if you can find a more competitive deal.  The money you save could go a long way towards covering the cost of Christmas and help ease repayments in the New Year.”


  • Date posted:
    19/12/2012
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