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0 per cent credit cards in decline study shows

Tue, 05 Sep 2006

Fewer Britons are looking to 0% credit cards, according to new research.

UK consumers are turning instead to cashback and reward credit cards, the study from Morgan Stanley indicates.

Some 17 per cent of UK cardholders use 0% credit cards, while 21% have a cashback credit card.

In addition, 15% use reward credit cards such as Goldfish, while 15% have credit cards on which they can collect points to be redeemed at a retailer.

Patrick Muir, marketing director for the Morgan Stanley Credit Card, commented: "We are seeing a shift in the dynamics of the credit card market as cardholders wise up to the long-term benefits of reward cards and turn their backs on short-term offers.

"We have found that an increasing number of our customers are using their credit cards for everyday purchases such as groceries and petrol to benefit from cashback and rewards, with our average cardholder redeeming £105 every year."

Payment Systems Europe recently predicted that the prepaid credit card market could be set for a boom throughout Europe.

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