Credit cards Updated:
Almost a quarter (21%) of consumers would switch to another credit card if it offered better rewards on their spending, according to a study by M&S Bank.
In such tough economic times, the chance to receive rewards or cashback for spending appears to feature highly on consumers' tick lists when choosing the best credit card, with around 36% stating that they had applied for a new card in the past year based on its reward offers.
A further 45% of 35-54 year olds had switched or applied for a card based on the rewards offered.
Cashback cards, which offer cash rewards in return for spending, have made something of a comeback to the cards market over the past couple of years. Moneyfacts research found a total of fifteen cards currently offer cashback rewards, compared with ten in May 2011.
M&S Bank found 66% regularly use reward cards to achieve the most out of their spending, with more than two thirds regularly redeeming points accrued on their cards.
Chief executive officer of M&S Bank, Colin Kersley, claimed many of us now live in a "rewards culture" and have grown to expect benefits in return for loyalty.
"With the majority of UK purchases being made by card, people can earn a significant amount in reward points so it's really worth spending a little time to research the card that suits your needs," he said.
"Reward points are a great way to save for a special treat, event, or even just to help reduce everyday costs."
Compare the best cashback credit cards Compare credit cards with rewards Compare 0% purchase credit cards
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.