Credit card balance transfers are on the up

06/08/2008

In an attempt to try and reduce monthly outgoings the number of credit card users transferring balances from one card onto another is becoming a more and more popular option recent research suggests. It comes as no surprise as the cost of living increases credit cards users are looking for cheaper and better deals in order to help minimise outgoings.

Now that we are in the middle of the summer holidays it seems as though we may see an increase in the number of card users switching onto better deals as the end to the summer break approaches. This is as a result of many consumers putting holiday expenses “on plastic” in attempt to try and make ends meet with an increase in expenses.

There are numerous good deals to grab at the moment when it comes to getting a credit card one official said, though in order to have a successful application, consumers will have to have a good credit rating.
He said, “Virgin, Capital One and Barclaycard have long been regarded as the fore-runners in the balance transfer market and again they are leading the pack. All of this is great news for consumers looking for a new credit card to transfer a balance. However, the recent tightening of lending criteria by lenders means all but those with the most gleaming credit profiles are most likely to be accepted.”