The Rate Tart

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According to new research from Abbey credit cards, 6.5 million UK customers will switch their credit card provider within the next year. This is up 5% on this time last year.

The average amount of balances transferred is £1710. If you do the maths, that's over £11 billion in debt that is going to move around.

So what motivates the Rate Tarts who switch?

51% of Rate Tarts change their credit card provider to take advantage of an introductory interest free period on balance transfers.

33% switch for a cashback offer. 29% are seeking an interest free period for new balances. 19 per cent switch to benefit from a lower interest rate charge.

And 6% want a card with more "kudos".

Apart from this survey having a 138% response rate (we think people ticked more than one box), this goes to show that credit card companies are competing intensely for their slice of the £11bn prize. So its worth making the credit card companies compete for your business, and moving your debt around to make you the most money.