Brits urged to shop around for credit card deals

13 September 2006
Millions of Brits have the wrong credit card for their needs and are paying more than they need to as a result, according to moneysupermarket.com.

Research from the consumer comparison website estimates over 3.1 million UK adults (ten per cent of cardholders) have a credit card that doesn't best suit how they use it.

The group recommends borrowers make sure that their card is the most competitive and that if they choose to switch to a zero per cent introductory offer they're not being hit with excessive transfer charges.

Rob Kenley, moneysupermarket.com's head of credit cards, said: "It is great to see so many competitive rates on balance transfer cards, however, people should be cautious due to the complexity in these products and make sure they get the product which suits them best.

"Zero per cent transfer deals are not as simple as they are marketed to be, so consumers need to look beyond the zero per cent offering and assess which balance transfer card is the best option to suit their needs," he added.

Taking a zero per cent deal can help save a large amount of interest, even if a fee is payable; taking a credit card with a long introductory offer and a capped fee can help reduce the total amount charged on the borrowing.

To read more about credit cards, click here.

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