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Switching credit cards growing in popularity

Thu, 03 Apr 2008

According to supermarket financial services arm Sainsburys Finance, more and more people every month are switching their credit cards as a way of managing debt . The practice, which involves UK credit card users transferring from one deal to another to save money, is being carried out by as many as 716,000 people per month.

Sainsbury’s Finance found that the average balance transferred between credit cards is a little over £1,500. Those credit card customers planning on switching cards need to investigate the terms of the deals closely before committing.

Donald Macleod, Head of credit cards at Sainsbury’s. reportedly commented: "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. Also, when choosing a card for a balance transfer, it is worth considering what else it offers. For example, we offer 0% for a whole year on Sainsbury's purchases as well as earning Nectar points equivalent to 2% cash-back ."
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