Commenting on the latest credit card stats released yesterday by UK Finance, Alastair Douglas, CEO of credit experts TotallyMoney, said:
“Even though credit card providers continue to slash the duration of their 0% balance transfer offers, that in no way diminishes consumer demand for them.
“According to UK Finance, there were 664,000 balance transfers in January alone, totalling £1.49 billion — the highest figures seen for 12 months.
“If you only have a few months left on your existing 0% deal, it might be worth considering switching to another product now, before the duration of 0% balance transfer offers falls even further.
“However, I would urge customers not to rush into making panic applications and risk damaging their credit rating. Instead, they should sign up for a Free Credit Report to check their Borrowing Power and product eligibility. Then they’ll find out which cards they the have the best chance of being accepted for.”