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Sainsbury's: 4m plan balance transfers

A massive rate of balance transfers on credit cards over the next six months has been predicted by Sainsbury's Bank.

Around £6.7 billion is to change accounts - with around 4.3 million Britons planning to make the switch.

The high rate is mainly due to consumers taking advantage of zero per cent balance transfers offered by card providers to move their debts to accounts with a better interest rate.

Head of cards at Sainsbury's Donald MacLeod said: "It's not surprising that zero per cent balance transfers are popular, our research shows that there are an estimated 5 million people with outstanding balances who are not only incurring interest but also admit that it may take them longer than one month to clear their spend.

"When choosing a balance transfer card it's also worth considering any purchases you may make and ensure that they are also covered by a zero per cent period."

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