A few minutes spent each year comparing the best credit card offers could save canny shoppers considerably more.
London (PRWEB UK) 17 April 2013
Despite many over 50’s being amongst the most credit worthy individuals in the country, new research from Saga Platinum credit card indicates most are not getting the market leading deals they could.
Of the 6 million over 50’s who current hold a credit card in the UK the primary reason for its selection was one available through their bank. Only 6% of over 50’s selected a card product because it offered the best interest free introductory rate - In fact, only 11% selected a product for any money saving reason at all, and somewhat alarmingly, 27% picked their credit card based on the ‘Freebies’ offered.
Of the minority who did select a card for a great 0% deal a third incurred avoided interest, either because switching was too much of a ‘hassle’ or because they forgot, prompting Roger Ramsden, Saga Chief Executive, to comment “...people should pick an all round good card that has a low standard interest rate that won't turn round and bite them if they don't pay their monthly bill in full...”
A spokesperson for uk.creditcards.com added:
“The research from Saga makes very interesting reading. Given the tough economic circumstances, we would expect to have seen a greater proportion of over 50’s actively seeking out the best product. Whether that means simply opting for a card with a low rate is debatable. Certainly if people are incurring high interest then a low interest credit card is preferable, but a few minutes spent each year comparing the best credit card offers could save canny shoppers considerably more.”
Based in Colchester, Essex, uk.creditcards.com is one of the UK’s leading credit card websites.
With great tools, tips, news & comparison tables, uk.creditcards.com helps UK consumers get the best deal on their credit cards.