Over half (56 per cent) of Britons choose their credit card based on the incentives they offer, new research has discovered.
There is a wide range of enticements on offer, including cash back, air miles and loyalty club points, but as each card offers something different, it makes it hard for consumers to work out what is best for them.
Kevin Mountford of Moneysupermarket.com, who conducted the survey, thinks that consumers should think about their lifestyle before choosing their credit cards.
He commented: “For a shopaholic this might be a product that offers them money off their next purchase, whereas a jetsetter might be better off with a card that allows them to accrue air miles.”
He also advises people about interest charges on credit cards.
If consumers intend to pay off their balance every month, they’re not a big issue, but people who expect to still leave some money owing should avoid reward cards and find the lowest interest rate instead.
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