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People using credit cards to protect purchases, study finds

Wed, 04 Mar 2009

Savvy consumers are using credit cards to protect themselves against the risk of a firm going bust, it has been revealed.

Research by Saga has found that 46 per cent of people are using their credit card to buy goods because they know that, if the supplier goes bust, providers will allow them to claim a refund if their purchase is for more than £100.

Andrew Goodsell, chief executive of the Saga Group, said: "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."

The study also found that 32 per cent of people are using their credit cards more because they get rewards and cashback for doing so.

Last week, David Thompson, a Scottish National Party MSP, claimed that credit card rates are far too high and called on the government to introduce a cap to protect consumers.
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