Brits get ready to shift the pounds in New Year credit card transfer

More than 3 million Britons (7 per cent) are expected to shift over £7 billion pounds between credit cards in the first three months of 2009, as they take advantage of introductory balance transfer periods, new research from Abbey Credit Cards has revealed.

Card switchers will transfer an average balance of more than £2,000 between providers in the first quarter of 2009 as Britons follow up on their New Year's resolutions to get their finances in shape. Shifting the Christmas pounds has become a New Year tradition for many Britons, with an estimated £8 billion having been transferred between credit cards during the same period last year.

Britons between the ages of 25 and 34 are the most likely to be planning to transfer their credit card balance in the New Year (15 per cent), while those between the ages of 55 and 64 are the least likely (3 per cent). 8 per cent of those aged 35-44 and 6 per cent of those aged 45-54 are planning to transfer their credit card balance.

The research also found that those in Scotland and Northern England are the most likely to transfer a credit card balance, with 8 per cent intending to do so, compared to just 4 per cent of those in Wales and the South West.

Callum Gibson, Head of Credit Cards at Abbey, comments: "The New Year is an ideal time for people to review their finances and by transferring a credit card balance to a card with a 0 per cent introductory offer, consumers can ensure they are managing their finances as effectively as possible. As well as offering customers a 0 per cent interest rate on balance transfers for nine months and purchases for three months, the Abbey Credit Card also pays 3% cashback on supermarket and petrol purchases for six months up to a maximum of £75³, helping consumers to make their money go further."