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Credit cards used for protection

Mon, 09 Mar 2009

As many as 50 per cent of consumers in the UK are using their credit card as a way of protecting themselves if a company goes bust. A report by Saga indicates that almost 50 per cent of Brits use credit cards to purchase goods over £100, knowing that if their credit card company goes bust they could apply for a refund.

Chief executive of the Saga Group, Andrew Goodsell, reportedly commented: "The credit crunch has affected people in a number of ways and as a result have become more wary; choosing brands they trust and using credit cards as they provide added protection in uncertain times."

Furthermore, the research showed that over 30 per cent of British people have upped their credit card usage to try and get cashback and rewards. Many credit card companies are thought to be asking their most risky customers to cease their credit card usage and instead focusing only on people with good credit ratings .
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