42% plan to change things up | moneyfacts.co.uk

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Lieke Braadbaart

Online Writer
Published: 26/01/2017

42% of survey participants are planning to take action in those areas where they are feeling less rewarded, which includes switching bank accounts and credit cards, and even changing jobs (8%) or partners (2%).

The survey, conducted by Sainsbury's Bank, shows that people are feeling more rewarded in their personal relationships than they were a year ago, but less rewarded by their banks and credit card companies, as news of cashback cutbacks and rate reductions keeps coming. Indeed, 23% feel they are more valued by their partners, with only 10% feeling less appreciated compared with a year ago.

In contrast, 7.2 million people feel that the financial value of rewards received from their credit cards has fallen, compared with 1.8 million who feel it has increased, and 11.4 million people feel their bank account rewards have diminished, compared with 2.8 million who feel they have increased. As a result, 11% of people are planning to switch their bank account this year, while 9% plan to change their credit card.

Given that 3.5 million have already switched their bank account successfully, there is no reason not to take the leap. Just make sure you're not tempted into switching by upfront rewards, as these can turn sour if the account's terms and conditions don't match your lifestyle. Similarly, switching to a top long-term 0% interest balance transfer credit card could be beneficial for consolidating and paying off your debts, but if you don't then cut up and close your other credit cards, you might end up with even more debt and a worse credit score instead.

Simon Ranson, head of Banking at Sainsbury's Bank, said: "It's clear that as a nation, we like to feel rewarded; and in our personal lives this seems to be the case for many. However, it's not always the case when it comes to financial services. People are right to question the rewards offered by credit cards, as many providers have reduced the benefits over the past year or so."

What next?

Are you feeling properly rewarded? If you've noticed a decline in the rewards you have been getting from your bank account or credit card provider, don't despair. Our current account and credit card Best Buy charts still have plenty of rewarding deals to offer.


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