Brits become savvier about reward cards

Reward card

Consumers are better off by £141 a year thanks to reward cards, according to new research.

The annual saving has risen £25 since 2011 and 50% of UK adults now have at least one credit card that rewards them with cashback, retail vouchers or travel awards for everyday spending, reported American Express.

Some 24% of credit card holders say they have increased their spending on cards over the past year, with the average now £402 a month - up from £335 a year ago.

Two-fifths of those who have upped their spending say they feel more comfortable using their cards for everyday spending, while one-third believe they can spend more because their personal circumstance have improved.

More than two-fifths (43%) of consumers favoured cashback as a reward, while 40% preferred retail vouchers and 23% chose hotel stays/upgrades.

Embracing the benefits

Nicholas Stefanovitz, vice president of consumer cards UK at American Express, said: "This year's results truly demonstrate that Britons recognise and are embracing the benefits of reward cards. Using a card that gives something back is becoming a part of everyday life and our research demonstrates a step-change in how people spend their money."

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