Millions of UK consumers will switch their credit card provider in an effort to avoid accumulating unnecessarily large amounts of credit card debt, according to a recent study.
Research by Abbey discovered that the number of people keen to switch credit card providers has increased dramatically in the UK and more than 6.5 million are expected to make the change during the next 12 months.
As consumers look to avoid excess credit card debt, the focus for providers ought to be lengthy free balance transfer offers if they want to attract new customers, reports Abbey.
Roger Lovering, managing director of Santander Cards, said: “These figures just show the intense competition in the credit card market.
“With £11 billion at stake, it’s the credit card with the best deal that wins.”
Record amounts of money were spent by UK consumers using their credit and debit cards last year, according to figures from the UK’s payment association Apacs.