NEW YORK—Seventy-five percent of consumers mistakenly believe they would be assessed interest on the full balance of a balance transfer offer if they didn't pay it off completely during the transfer card's introductory period, according to a new survey.
The same survey from CompareCards further found nearly 20% of consumers with credit cards plan to apply for a new card that will allow them to transfer a balance.
Another 32% said they're thinking about it, reported Consumer Affairs in its analysis.
About half of all credit card customers say they have opened a new credit card account just to transfer a balance and take advantage of a 0% interest rate. Of that number, 18% have done it more than once, the study shows.