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Sainsburys axes incentives

Thu, 25 Aug 2005

Sainsbury's Bank has joined the long list of credit card providers who have removed their loyalty and cashback schemes. Throughout the past year there has been an increasing trend towards institutions withdrawing the credit card enticements they once used to hold onto hard won customers. In the past three months, Halifax, the Bank of Scotland and Mint have all dropped their various 0.5 – 0.25 per cent credit card cashback offers. Other companies to have cut back or scrapped their reward schemes include Egg, Accucard, Blue Amex and Easymoney. "It is now becoming increasingly difficult for customers to find a credit card that offers the kind of benefits that were commonplace a year ago," Samantha Owen of research unit Moneyfacts told This is Money. "Not only have cashback deals been severely cut or, in a number of cases totally withdrawn, but credit card incentives such as Nectar points and AirMiles are also less widely available. "With 0% credit card interest deals reportedly costing the card industry in excess of one billion pounds a year and many high street banks reporting a steep increase in bad debts, it's not surprising to see providers taking measures to reduce their costs," she added.
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