UK credit card owners could benefit from a £7.2 billion windfall without much effort at all, according to moneysupermarket.com.
As there is now increased competition from banks in gaining customers for current accounts, credit cards and savings, the price comparison website believes credit card holders could help themselves to some easy money.
Head of credit cards at moneysupermarket.com, Rob Kenley, explains how. "Using a credit card with a zero per cent purchase offer and investing the equivalent amount of money in a savings or current account is an extreme case of banks paying us for our business,” he said.
Four credit card providers now offer a zero per cent balance transfer rate for more than 12 months. And, coupled with the nine banks and building societies offering 6.3 per cent or more on savings accounts, Mr Kenley describes this as “a golden opportunity for us to make a stack of cash with very little effort."
"In the case of a household with a 12-month card with a three per cent minimum monthly repayment and a savings account paying 6.3 per cent, you will make a £280 profit,” said Mr Kenley.
If the UK's 25.7 million households were smart enough to do this, we would have an extra £7.2 billion to spend thanks to changing our spending habits for only three months," he added.
Find zero interest credit cards
and high interest savings accounts