Credit card switching will be rife over next twelve months
Switching credit cards is something that many people do in order to save money on the amount of interest that they have to pay. By choosing interest free balance transfer and purchase credit cards some people have saved a huge amount of money. However, at some point these interest free periods come to an end, which leaves cardholders facing interest of an average 18.2 percent if they have not cleared their balance by the time the interest free period ends.
With this in mind, many savvy consumers make sure that they switch to another interest free deal well before their current one runs out so that they can continue to afford interest free payments on their credit card debts. According to Sainsbury’s Finance there are millions of people who are planning to switch their credit cards over the next twelve months as a result of their interest free periods coming to an end, and with competition in the market still stiff many should be able to find a good deal.
In the current financial climate a huge number of people are keen to cut back on their outgoings and reduce their spending as much as possible. Avoiding interest on credit card debt provides a very effective way of doing this, which is why people are prepared to put in the time and effort to do so.
An official from Sainsbury’s Finance said: “In total 7.9 million people told us they plan to take out a new credit card between October and September 2012, and 32% of these said it is because of their interest free periods ending on their existing cards. This is still clearly the main reason for taking out a new card, and for those that want to spread their costs, it can be a sensible financial planning option. Our Sainsbury’s Credit Card offers a very attractive interest free period on both balance transfers and purchases.”
Comments
Leave a Reply
You must be logged in to post a comment.