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Credit card charges: Brits loyal to credit card providers

British credit card holders are loyal to their providers, with a fifth of customers too apathetic to switch to a better deal, according to a new survey.
Comparison website MoneySupermarket found that, on average, Brits have been with their current provider for six years, despite credit card charges being lower at other institutions.

Just nine per cent of credit card holders intend to switch cards in the next six months and two-thirds say it is unlikely they will move to a different provider.

The longer someone keeps hold of a card, the more likely they are to stick with it, with only four per cent of those who have had the same one for ten to 15 years likely to switch in the next six months, compared to a quarter who have had their card for a year.

"Apathy certainly reigns with many credit card holders who are happy to languish on high interest rates with their existing provider," said Kevin Mountford, head of banking at MoneySupermarket

"As a result, the tempting offers which will have initially swayed people to that credit card are likely to have changed or expired over time."

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801499176-ADNFCR



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