Two thirds of Brits fail to transfer credit card balance

Two thirds of Britons who resolved to transfer their credit card balance to a 0 per cent introductory rate in the New Year have failed to do so, new research from Abbey Credit Cards has revealed.

Christmas may already seem a distant memory for some but others continue to feel the impact of the festive season on their finances. Despite this, only a third of Britons who made a New Year's resolution to transfer their credit card balance to a 0 per cent introductory rate followed it through in January.

The research found that more than half (56 per cent) of Britons used a credit card to pay for Christmas purchases, with the average Christmas spend on a credit card totalling £362.

However, while 55 per cent of Britons paid their Christmas credit card bill in full when they received it in January, of the remaining 45 per cent, half cleared less than a third of their Christmas debt.

Callum Gibson, Head of Credit Cards at Abbey, comments: "New Year's resolutions have a habit of falling by the wayside by the start of February but it's not too late for people to follow up on plans to better manage their finances in 2009 and transfer to a credit card with a 0 per cent introductory offer. As well as offering 0 per cent interest on balance transfers for nine months and purchases for three months, the Abbey Credit Card pays a fantastic 3 per cent cashback on supermarket and petrol purchases for six months up to a maximum of £75."

Features of Abbey's Credit Card include:

0 per cent introductory rate on balance transfers for nine months and purchases for three months from account opening
3 per cent cashback on supermarket and petrol purchases for six months up to a maximum of £75 (capped at £12.50 a month)

For more information, visit abbey.com