New research for RBS and
Over 82% of the participants surveyed suggest it is now unusual not to have credit card debt, with more than one third saying they use theirs once or twice a week. When asked what they used their credit cards for over 61% admitted to using credit cards to go shopping whilst 51% use them to pay for holidays.
But for the many people who own a credit card, it s clarifying the small print on the policy that tends to go awry. Of those surveyed, a massive 57% said they were unsure of what their new rate would be at the end of their previous 0% balance transfer (BT) deal, with just under a third confessing to not knowing when their 0% deal actually ended.
Determined to make their money go further, 60% of credit card users have transferred an existing balance to another 0% BT card with 37% saying they thought 0% BT cards were good for those who were savvy with paying back debts. However, 37% said they did not pay off the full balance within the timeframe and almost a quarter of those asked said they didn t know enough about 0% BT cards or thought they were quite risky.
In February RBS CEO
Commenting on the research,
We think the credit card industry needs to look again at this practice. We re confident that they will move with us, as it s the right thing to do.
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