Price-comparison site MoneySupermarket.com has found that British consumers could be losing as much as £423 a year because they are too lazy to change their credit provider.
Consumers remain loyal to their old cards, with 66% saying they were not likely to ever change card providers, and only 9% considering a card change in the near future.
However, numbers have shown that credit card rates have increased over the years and that alternative 0% balance transfer credit cards could be saving these customers £423 in interest, the Telegraph reports.
Kevin Mountford, of MoneySupermarket.com, said to the newspaper: “Apathy certainly reigns with many credit card holders who are happy to languish on high interest rates with their existing provider.” He added that, “Although consumers may not wish to switch credit cards on a regular basis, they should review their card from time to time to assess whether it still suits their needs and financial situation; otherwise they will fail to get the best value.”
The Telegraph also reports that one in ten British consumers are planning to charge this year’s Christmas expenses on a credit card, so perhaps it might be the time to leave laziness behind and cash in the savings.
