“The ‘Worst’ Card is the One in Your Wallet” Says http://www.USWITCH.COM Personal Finance

(PRWEB) September 16, 2004

Sixty percent of credit card customers are resigned to the fact that the credit card in their wallet is likely not to offer them the best value, yet over half (55 per cent) still haven’t switched to a better deal. The research from independent comparison and switching service, http://www.uSwitch.com Personal Finance coincides with analysis, which reveals how fast moving the credit card market is. A total of 35 new introductory deals and rate decreases have been announced over the past 12 months alone.

When it comes to ‘credit card apathy’ those aged between 18-24 are the worst culprits with a staggering 80% admitting they are aware that there is likely to be a better card for them than the one they are currently using. The 25-34 year olds are to follow, with 71% confessing that they could probably get a better credit card deal elsewhere.

Paul Schofield, Head of Personal Finance at http://www.uSwitch.com says: “Apathy on the part of consumers who are aware that they could get a better credit card deal could be partly due to ‘information overload’. Our research reveals that over the past year the equivalent of 3 new offers and rate decreases have been launched every month! Consumers could be so overwhelmed by these new deals that they prefer to bury their heads in the sand and stick with the ‘devil they know.’"

However, if the 60 per cent of credit cards customers that know they could get a better deal took the time to shop around, the savings could be massive. For example, a customer could switch a balance transfer of around £1200 to make a potential saving of £204.82 a year!* By taking a look at what is on offer, consumers could turn the worst card in their wallet into the best one.

For more information visit http://www.uSwitch.com
or call 0800 093 06 07

For further information contact

•Jennifer Evans, http://www.uSwitch.com, on 0207 802 2923 or jenniferevans@uswitch.com

•Lucy Gaynor, http://www.uSwitch.com, on 0207 802 2967 or lucygaynor@uswitch.com

Notes to editors:

*Average figures based on a balance transfer amount of £1179 with a monthly repayment of £386 and a monthly spend of £280.

http://www.uSwitch.com is a free, impartial online and phone-based comparison service which helps consumers compare prices on gas, electricity, home telephone, digital television and credit cards. Our aim is to help customers take advantage of the best tariffs and services on offer from every supplier. The company has developed a set of proprietary calculators that evaluate a number of factors to advise customers on the best deal to suit their individual needs.

The service is also available via telephone, fax and post. Consumers can call on 0800 093 06 07, fax 020 7233 5933 or write to Customer Services, http://www.uSwitch.com, 10th Floor, Portland House, Stag Place, London, SW1E 5BH.

http://www.uSwitch.com is not a supplier but acts as an independent advisor, giving customers an impartial view of what’s on offer. Unlike traditional brokers, it compares prices from all suppliers, not just those it has a commercial relationship with. The service is based on the most up-to-date information provided by the supplier companies and industry regulators.

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