One in Four Squandering Balance Transfer Deals by Missing Payments

As Barclaycard unveils its 30 month Platinum balance transfer deal, the longest offer in the history of the credit card, our new research reveals that one in four (25%) consumers who have secured a long term balance transfer deal have then gone on to miss a monthly repayment.

As with the majority of credit card issuers, this breach of terms and conditions means customers could lose the 0% balance transfer deal before the end of the offer period and be forced to pay the default purchase APR which is on average 18%.

Across the credit card market, a total of 7.3 million (24%) credit card holders admit to missing credit card payments in the last two years. Not only does this breach the credit card terms and conditions for some, it also has a detrimental impact on the individual’s credit record.

In total, more than one in five consumers (22%) hold a balance transfer credit card with an average balance transfer of £2,167. With more than 6.54 million balance transfer credit card holders, just 33% of these have a direct debit in place to ensure they never miss a monthly payment.

Bear in mind that when shopping for cards bearing  0% balance transfer deals, the longest deal isn’t always the best. In order to make the most of your credit card comparing first is key.