Couple looking at bills and worried about paymentsQ: Why should I switch my credit card before Christmas?

A: If you’re planning to pay for even a small part of your Christmas celebrations with a credit card, then it’s important to check if you’re on the best deal.

If you’re not – switch. Recent research by MoneySupermarket has found that one in five British shoppers can’t simply be bothered to switch to a better credit card deal, despite paying an average interest rate of 17.32 per cent on credit.

And, apparently, the longer you have had a credit card, the less likely you are to switch.

This is madness when there are lots of amazing 0 per cent interest deals out there, some offering as much as two years interest-free credit.

Why be loyal to a company who are just taking your money in unnecessary interest?

If, for example, you have a current balance of £2,000 on a credit card that charges the average 17.32 per cent interest, you could save £423 in interest by swapping to the 0 per cent balance transfer credit card with Barclaycard ( that I have mentioned on this site before.

So, yes, without a doubt, you should switch to the best credit card deal you can before your January statement and enjoy Christmas without worrying about spiralling interest payments.

Andrea Ventress, money expert


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