Credit cards Updated:
Shoppers should consider using a reward credit card to cover the cost of their household payments, it has been suggested.
According to American Express Platinum Cashback Credit Card, by paying for goods with a debit card consumers are missing out on the chance to earn hundreds of pounds of free cashback a year with a reward credit card.
This advice is of particular importance in the current economic climate, the firm stated, as 89 per cent of people are paying more for their household costs than they were a year ago.
Vice president of UK lending at American Express Tom Allder said: "Simply by changing the way they pay for these items, people could be earning themselves hundreds of pounds of free cash."
The company added that each household could earn £380 cashback in the first year of owning a reward credit card.
Last week UK payments association Apacs revealed that students are more likely to pay off their credit card balance than the rest of the general population.
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 Any products featured may be withdrawn by their provider or changed at any time.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.