Switching credit cards is a popular trend in an attempt to ‘manage’ debt

According to figures released by Sainsbury’s Finance, roughly 716,600 Brits are transferring on average £1.1billion between credit cards each month.

Their research figures indicate that the average balance transfer is approximately £1,555, however, this month alone, 13% of people plan to swap a balance of £3,000 or more onto a different card.

One in ten taking part in the survey plan to transfer more than £4,000 and over 4% plan to swap £5,000 or more.

The balance transfer market is still popular, and since 40% of cardholders believe it will take more than one month to clear their balances, they are always on the lookout for better deals.

Head of cards at Sainsbury’s Finance does point out that people researching potential new cards should check how long the 0% offer will last and find out if the card comes with any other benefits- for example Sainsbury’s offer 0% for an entire year on purchases at their own stores in addition to accruing Nectar points which is the equivalent to 2% cash-back.

Currently there are around 80 cards offering 0% APR on balance transfers. On average this interest free period lasts for 9.5 months, however for a third of these card companies, the offer expires after 6 months-some are even less than that.

Whenever selecting a new card company always read the small print before committing yourself.