Brits save money by booking summer holidays last minute

As many people look to tighten their belts, new research from Sainsbury's Credit Cards reveals that this year, 1.28 million summer holidaymakers booked their summer vacations less than two weeks before going on them, saving themselves hundreds of pounds each.  528,000 people booked a holiday just a week before going, and 290,000 travelled to their resorts just 48 hours or less after making their booking.

Analysis by Sainsbury's Credit Cards reveals that the average last minute price for a seven day holiday in Spain is £670.  This compares to £520 for last minute deals in Greece, £956 in Italy and £426 in Turkey.

The research also reveals that many people are looking to spread the cost of their summer holidays; of the £5.46 billion that will be spent on credit cards, it equates to £424.50 per person, per holiday. However, only 58% of those putting some of their summer holiday expenditure on their credit cards will pay this off within a month.  The average length of time for clearing summer holiday credit card expenditure will be 2.5 months however, 13% will take between five and 12 months to clear it. .

Stuart McKeggie, Head of Sainsbury's Credit Cards said: "Credit cards can be a great way of spreading the cost of your holiday, or for any other large purchase.  However, if you don't think you will be able to clear this within a month, you should consider taking out a new credit card that offers an attractive interest-free period on purchases.  You can then budget to ensure that you clear your expenditure during this period."

The Sainsbury's Credit Card offers 0% APR for the first 12 months on purchases and also on balance transfers.  It has a typical APR of 15.9% on both purchases and balance transfers.  The Sainsbury's Nectar Credit Card offers users an APR of 12.9% on purchases and balance transfers, and double Nectar points on their shopping, in store, online and in petrol filling stations for two years.  The extra Nectar points are equivalent to an additional 1 per cent off their Sainsbury's shopping bill.

To find out more about the Sainsbury's Nectar Credit Card, visit sainsburysfinance.co.uk.