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Credit card users opt for cashback, study shows

Mon, 13 Nov 2006

Credit cards which offer cashback are proving popular with consumers, new research has revealed.

Some 70 per cent of customers switching to credit cards offering a reward scheme would opt for cashback, according to a study from Morgan Stanley Credit Card.

Additionally, the survey shows that consumers now value a reward scheme as highly as a competitive interest rate, with almost one-third of switchers stating that a reward scheme was top of their agenda.

This also represents a rise from the seven per cent of credit card users citing rewards as a priority 12 months ago.

Patrick Muir, marketing director of Morgan Stanley consumer banking, said: "With the majority of people paying off their credit cards in full every month, using a credit card with a reward scheme really makes sense."

He added that consumers are becoming increasingly savvy regarding credit cards, understanding that they can offer rewards to regular users.

However, recently released research from Apacs, the UK payments company, revealed that the number of credit card transactions has fallen, with many consumers opting for debit cards.


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