Credit card transfers continue despite credit crunch

According to recent data many consumers are continuing to try and transfer balances from high interest credit cards to 0% balance transfer cards, despite the global credit crunch that has resulted in fat tighter credit conditions, which could potentially stop many consumers from being able to get a balance transfer card.

The research indicates that almost three quarters of a million consumers try and transfer around one billion worth of debt from expensive high interest credit cards onto 0% balance transfer cards every month, and this is to try and help them to save money on interest.

One official that was involved with the research stated: ‘There is a significant market for cards offering balance transfers as our research indicates that 40% of card holders think it will take longer than one month to clear their current balance.’

Those looking to transfer their balances are warned, however, that tighter credit conditions could make it difficult for many to get the card that they want.

They are also warned that many 0% balance transfer cards no longer operate a ceiling limit on their transfer fees, so transferring a balance could prove costly for many.