Consumers told to investigate other cards
(27 March 2007)

More than half of Britain's credit card holders admit to owning a card which provides them with no benefits, a study has shown.

According to the survey by Goldfish Credit Card, 52 per cent of credit users use cards which have no perks such as reward schemes or promotional interest rates.

However, some 49 per cent of respondents were found to have reward-based credit cards, while 17 per cent said they had promotional deals on balance transfers or purchases.

Charlotte Hogg, the firm's managing director said: "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."

Among the findings was that 30 per cent of consumers hold a retail reward card which allows them to collect points which can later be redeemed, while one in five said they used cashback credit cards.

The third most popular loyalty schemes enabled Britons to collect travel points or air miles.

Londoners were found to be the most likely to receive no perks from their cards, while Scots were the least likely.

Despite the benefits on offer, fewer people appeared to borrow on their credit cards last month, leading to flat rates.