Recent reports have shown the credit crunch has not had a huge impact on customer wanting to transfer their credit card debt. The report, based on a study which surveyed 1,000 people shows that despite the credit crunch and expert’s warnings there are still thousands of customers trying to transfer their card balances each and every month.   

Last month it was estimated around 750,000 borrowers tried to transfer their credit card debt, the total debt equated to over one billion pounds.

The reason for balance transfers still being highly sought is thought to be because the interest rates, many customers on standard cards simply can not maintain repayments.  So they are looking around for 0% deals.

With card providers taking a stricter look at their lending criteria many customers are finding the process of changing cards a lot harder. The number of potential customers being rejected is on the increase and others are simply not being offered the interest rates they hoped. 

Experts are advising customers to remember each credit card application made shows on their credit report and if you are successful transferring a balance is usually charged at 2-3% by the lender.