Banking, loans and cards

‘Millions missing out on best card deals’

Consumers risk losing out by failing to shop around for the best credit-card deals.

A typical card user has been with the same issuer for an average of seven years, and two-thirds of card users are unlikely to switch provider, according to a study by

The research found that complacency and indifference are behind much of the inertia – but whatever the reason, millions of people are likely to be missing out on the most competitive deals.

“The credit-card market has never been more competitive, and in the run-up to Christmas, those looking to use plastic for their festive spend should start to take advantage of the attractive deals on offer early,” said Kevin Mountford, of Moneysupermarket.

There are competitive cards on offer regardless of the way you flash your plastic, but make sure you opt for the right kind of deal if you do switch.

“When it comes to a credit card, it is especially important to work out how you will use it, as this will determine which type you should choose,” said Mr Mountford.

“If you can afford to clear the balance at the end of every month, a cashback card will reward you each time you spend. On the other hand, if you want to buy an expensive item but can’t pay the balance back in full, it is better to opt for a card with a long interest-free period – bearing in mind that you will need to pay the balance back before the 0% period ends to avoid paying for this Christmas this time next year.”