Cash back credit cards becoming ever more popular

These days, many UK households are feeling the financial strain, which therefore led a lot more people to find anything that can give them a better deal, including switching credit cards. As Brits become better and better in figuring out ways to save money, they have not let different kinds of credit cards slip through the net..

Therefore, no one really finds it unusual that there are multiple savvy shoppers that go for credit cards that do not only promise cash back, but reward incentives as well. Statistics point out that cash back deals have become more popular in recent months, as well as the reward credit card variety.

In fact, Defaqto, a finance research company recently shared that UK residents had the option to choose between 245 credit cards. Apparently, about ¾ or 75% of the population opted to have the standard card variety, instead of the platinum or gold ones. About 20% of these cards also had some sort of customer reward feature, most especially shopping rewards and point earning schemes.

There are also some cards that offer air miles in promotion,as well as a few cash back deals. While cash back isn’t a very common perk among the 245 cards, as only about 22 had them, it is the feature that has caused the most inquiries, causing it to have a dramatic rise in figures within the last 2 years.

So when you break it down, a UK consumer basically has 4 options of rewards to choose from: there are the air miles, then there is the cash back cards, followed by point schemes and lastly, those cards that come with shopping rewards. There are also other schemes available, allowing credit card users to borrow, or repay credit card debt over an extended period, or even ones that have a 0% introductory rate for certain purchases made.

 

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