Increase in number of rewards based credit cards

Over the years, many people who enjoy the ease and convenience of using credit cards have benefitted from rewards based credit cards, which have enabled them to earn various rewards for using their credit cards. There are a number of rewards that are offered by these cards, such as discounts, travel rewards, cash back, air miles, etc. and consumers have been able to enjoy the benefits of choosing the one that best suits their needs.

However, since the global financial crisis, which saw the number of rewards based cards fall through the floor, consumers have found it increasingly difficult to find and be accepted for a suitable credit card. Lenders have not only dropped the number of rewards based cards that they offer but have also made it more difficult to get these cards, which has left consumers with far less choice.

However, according to a recent report, the number of rewards based credit cards are on the up again, which means that consumers can now start looking forward to increased choice and availability again. Those who repay their balance in full each month are the ones that will benefit from these cards as these are the people who will not be hit with interest charges. Those who do not repay their balance in full will fare better with a low interest or interest free credit card than a rewards based one.

The figures, released by Sainsbury’s Finance, showed that 42 percent of credit cards now offer some sort of reward, which is from just 27.4 percent two years ago.

An official from Sainsbury’s Finance said that customer should choose their rewards wisely: “As the cost of living increases, people are increasingly looking to get more for their money and also be rewarded for being loyal customers. However, the financial value of rewards is worthless if it is difficult to redeem them.”

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Can you benefit from being a credit card rate tart?

There are so many different types of credit cards in circulation in the UK these days it can be difficult to determine which one might best suit your needs and circumstances. However, for some people getting value for money on credit cards means chopping and changing cards regularly to make sure that they are always getting the best rates, deals, and rewards. As a rate tart you can not only enjoy the convenience, flexibility, and benefits of credit card use, but you can even make money and rewards from spending on your credit card. Read more

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