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Credit card holders seem unlikely to switch

Wed, 07 Dec 2005

British credit card holders are more likely to change jobs than to switch credit card providers, according to new research.

Credit card holders stick to one credit card company for an average of 9.6 years, Morgan Stanley Credit Card points out.

In comparison, they will spend an average 7.6 years with one employer.

In the north-east, credit card holders are more likely to divorce than to switch credit card providers.

In this region, the average marriage lasts 11-and-a-half years, compared to 12 years spent with one credit card provider.

Only one in ten respondents in the Morgan Stanley survey said they plan to switch credit card providers in the next quarter.

Commenting on the findings, the credit card company's managing director, Patrick Muir, points out credit card providers should "appreciate customers for the long term".

He says credit card holders "quite rightly expect to be valued beyond an introductory period".

Credit cards that offer excellent introductory interest rates that deteriorate after a few months, could be missing the point, Morgan Stanley Credit Cards points out.

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