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Loyalty 'does not pay when it comes to personal finance'
Consumers looking to secure personal loans or credit cards this month should not be loyal to their current providers, an expert has claimed.
David Black, banking specialist at financial research company Defaqto, said people can often find better deals than those offered by their bank elsewhere, despite the seemingly good value of offers coming from their trusted sources.
He explained: "With credit cards, if you have a good credit rating, and with savings, if you have got some savings to invest, you're much better off not being loyal to anyone, because of all the introductory offers around."
Introductory bonuses are also on offer on many products, he added, so people could benefit from taking advantage of them and then switching to another account or loan deal when it ends.
Mr Black's comments have come after Richard Napier, head of credit cards and personal loans at Nationwide, said providers that consumers already know may make the effort to offer them a favourable interest rate.