A new survey has revealed that Britons are looking for more rewards when choosing which credit card company to use, despite only one in three offering benefits.
Sainsbury’s Finance carried out a survey of customers and found that nearly a third of credit card customers wanted to be better rewarded for using their credit card.
Unlike bank account, customers have got into the habit of changing credit cards, looking for interest free periods and better rates, and the survey revealed over 8.5million Britons intend on applying for a new card in the next year.
Some credit cards offer a variety of rewards, from straight cash back to store vouchers and air miles but others offer nothing at all.
The Sainsbury’s survey found that only a third of all credit cards on offer in the UK had any form of loyalty scheme, begging the question why do people bank with anyone who doesn’t.
Stuart McKeggie from Sainsbury’s Credit Cards said, “We’re encouraged by the sign that more of us are shopping around for a credit card that rewards our custom.
“But with so many different cards to consider, it’s easy to become overwhelmed. When you’re looking for a card, the most important thing is to choose a card that gives you the maximum benefit for your particular card usage.”
Some credit cards with offers are restricted to the customers with the best credit scores which explains some peoples decisions but all shoppers are advised to shop around.