Cashback and rewards are top attraction for credit card customers

Cashback and rewards schemes are the main drivers for credit card holders, according to Moneywise research.

A poll of 22,000 Moneywise readers found more than a third (34%) of people pick their credit card based on which offers the best cashback or rewards points.

A quarter of people choose convenience over anything else, with these consumers simply applying for a card with their main bank.

Interest-free balance transfer deals are the main attraction for 15% of customers while a 0% purchase offer drives 6% of all credit card decisions.

These results come from a poll of Moneywise readers who took part in the voting for the Customer Service Awards 2017, which attracted almost 50,000 entries in total.

There was a wide variation in answers when consumers were asked how much they spend on their credit card each month. Almost a third (32%) of respondents say they spend between £100 and £500 each month – the most popular response.

A quarter of consumers spend less than £100 each month while just 15% say they spend £1,000 or more using their plastic each month.

See if you can switch and save by using the Moneywise credit card price comparison tool.

A previous poll of Moneywise reaaders found a third of people may be missing out on savings by not using cashback sites when shopping online. For more on this read how to cash in on cashback.

Published: 05 June 2017
Last updated: 05 June 2017

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