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Tuesday 16th October 2007
Six-and-a-half million Brits are planning to switch credit card provider this year - an increase of almost five per cent on last year - according to new research from Abbey Credit Cards.
With an average balance transfer of £1,710, that means there is over £11 billion set to be moved around as card holders look to take advantage of a new deal from a card provider.
The majority of those who were looking to switch (51 per cent) said that they were doing so to reap the benefits of an introductory interest free period on balance transfers, while around a third had been enticed by a cashback offer.
Interest free periods on new balances, a lower APR and getting a card with more cache were also named as reasons to move to a new provider.
Roger Lovering, managing director of Santander Cards Limited, 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."
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