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Credit card holders 'opting for reward schemes'
Published: 04/09/2006 |
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Credit cards offering cash back and reward schemes are gaining in popularity and eclipsing cards with zero per cent offers. Research carried out by Morgan Stanley credit card shows that 17 per cent of UK cardholders take advantage of points-based high street reward credit cards, compared to 21 per cent who have a credit card that offers cash back. Of the 2,000 cardholders who participated in the survey, it was found that cash back deals were slightly more likely to appeal to men. Conversely, women are more likely to have a retail reward card than men, with 17 per cent of female cardholders possessing a multi-partner credit card, compared to 12 per cent of men. Patrick Muir, marketing director for the Morgan Stanley credit card, said that the dynamics in the credit card market were shifting as cardholders were warming to the long-term benefits of reward cards and turning their backs on short-term offers. "We have found that an increasing number of our customers are using their credit cards for everyday purchases such as groceries and petrol to benefit from cash rewards, with our average cardholder redeeming £105 every year," he added.  © Adfero Ltd
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