Balance transfer battle hots up

Twenty per cent of Brits have never switched credit card providers and 65% of those who use their card on holiday, have never switched to get a better balance transfer deal, according to research by Gocompare.com. But these consumers may be missing a trick as now is a great time to transfer your credit card balance.
 
The credit card market is changing every day with new deals being launched and lower balance transfer fees being offered to customers. The latest provider to join the credit card clash is Nationwide, which has today launched its Select credit card. This means that there are now eight cards on the market offering 27 and 26 month interest free balance transfer periods.
 
Gocompare.com's credit card expert Matt Sanders said: "With credit card providers battling it out to offer the best deals, now is the perfect time to transfer your credit card debt.
 
"Switching credit cards is easy - the providers help you along the way and you can usually transfer balances within 60 days of applying for your card, so there is no need to make all of the transfers immediately.
 
"Provided you stay within the terms and conditions of your agreement, the only cost will be the balance transfer fee which ranges from 1% to 4% depending on provider. It's important to consider your repayment plan, as if you don't clear the balance within the 0% period, there will be interest payable on the outstanding balance. Also, always pay at least the minimum repayment as providers will often remove any special 0% introductory offers if you fail to do this."

Gocompare.com's research also found that the over 65s are the most loyal to their plastic providers with 86% admitting that they had never switched, while those aged between 24 and 34 are the most credit card savvy with nearly a fifth (18%) of them switching balances between cards at least once a year.
 
Consumers in the West Midlands are the least likely to switch with nearly three quarters (74%) saying they had never switched, compared to 58% of Londoners who've admitted to not moving credit card providers.