Many credit card holders missing out on benefits

According to new research many credit card holders in the UK are missing out on valuable benefits and perks.

According to the figures over fifty percent of credit card holders are not taking up the opportunity to enjoy valuable benefits that are available on credit cards.

The survey was carried out for credit card issuer Goldfish, and as part of the survey around fifty two percent of respondents admitted to not using a card that offered any sort of benefit, such as rewards points, cash back, or interest free credit.

Retail reward scheme credit cards proved the most popular benefits based credit card amongst those that did use cards with perks, with around thirty percent of respondents using credit cards where points could be accumulated through spending, and could then be redeemed against certain purchases once enough points had accrued. Around one of five people liked the cash back credit card, and this type of rewards based credit card seemed to be more popular amongst men then women.

A spokesperson for Goldfish 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."

There are a number of rewards based credit cards available on the market today, and those that repay their credit card balances in full each month could particularly benefit from this type of card because they would not have to pay interest on their borrowing but could continue to accrue points or cash back whenever they use the card.

Tom Smith
2nd April 2007