Balance transfer credit cards ideal as 'loyalty is pointless'
Britons should always be looking for balance transfer credit cards as providers do not reward loyalty, one expert has claimed.
Balance transfer credit cards should be at the forefront of Britons' minds as staying with providers for any great length of time is inadvisable, it was suggested yesterday (January 14th).As many households attempt to come to terms with their debt hangover from the expensive Christmas period, securing cheap credit is taking on ever-growing importance.
With that in mind, David Black, a banking specialist from financial services research firm Defaqto, has explained that consumers should have no feelings of loyalty to their current credit card companies.
He noted that the majority of special offers launched by providers are "stacked up in an introductory way" in an attempt to attract new customers, rather than to reward their existing ones.
As a result, Mr Black urged Britons to capitalise on this situation by transferring their outstanding balances to attractive deals such as zero per cent credit cards.
"If you have a good credit rating you're much better off not being loyal to anyone, because of all the introductory offers around," he said.
The expert added that the same philosophy can be applied to savings accounts, with customers advised to "jump ship elsewhere" when the bonus period on a new account expires.
Mr Black was responding to HSBC announcing its January sale and warned that better deals can always be found by shopping around, despite the latest offers from the bank being superior to its standard ones.
Earlier this month, Daily Mail financial journalist Jo Thornhill also recommended that Britons capitalise on the raft of zero per cent credit card deals currently flooding the market.
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