Moneyadviceforu

Millions of UK consumers are likely to switch their credit card provider over the course of the next 12 months, according to a study commissioned by Abbey recently.

The average amount of money expected to be transferred by credit card users in this way is around £1,710 and it is anticipated that more than 6.5 million people will make the switch during the coming year.

Interest free balance transfers periods are thought to be the biggest attraction for credit card users looking to switch providers, followed by cashback offers, Abbey reports.

Close to 29 per cent of prospective credit card switchers told the financial services firm that they were looking to benefit from a period that they would not have to pay interest on new balances, while six per cent wanted a credit card that offered more “kudos”.

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.”

Abbey revealed recently that UK consumers intend to borrow around £1.4 billion to fund cosmetic surgery procedures of various kinds.