Some UK consumers fail to take up credit card benefits

According to the results of a recent survey many consumers in the UK are failing to take advantage of credit card benefits that are available from a range of cards and issuers, opting instead for more basic cards that offer no real benefits. There are various benefit related cards on the market these days, such as rewards based cards, lower interest rate credit cards, cards that offer specified interest free periods, and cash back credit cards. Different cards suit different consumers based upon their spending habits and repayment habits.

The research was performed on behalf of card issuer Goldfish, and indicated that over fifty percent of consumers did not have a credit card that offered benefits. Around thirty percent of those interviews as part of the survey said that they used retails rewards based credit cards, and one in five respondents preferred cash back credit cards, which seemed to be more popular with male credit card holders than female card users.

One Goldfish official stated: "Credit card holders need to demand more from their plastic. If customers hold a card that doesn't reward their spending then they should investigate what other cards might be better suited to their spending patterns. We have found that an increasing number of our customers are using their credit cards for everyday purchases such as groceries and petrol, realising that they can reap rewards for all the regular purchases they make anyway."

Consumers that are looking to change to a rewards based credit card can find a range of deals by searching online and comparing the deals on offer. Cash back and rewards based cards could suit those that repay their balance in full each month, as they can accrue the benefits without having to pay interest on what they spend.

Tom Smith
8th May 2007