Cardholders missing out on perks, finds Goldfish

There are 20 million pieces of plastic that offer no reward for credit card holders – not even a promotional balance transfer rate or purchase rate. A new study from Goldfish finds that more than half of UK credit card holders (52 per cent of men and 51 per cent of women) have credit cards with no perks at all.

Thirty per cent of UK consumers have a retail reward card which gives them points to spend while shopping and 21 per cent have cash back credit cards. The third most popular loyalty scheme is one that allows people to collect travel points or Airmiles, with 9 per cent of credit card holders having such a card. Some 17 per cent of UK credit card holders have taken low rate balance transfer and purchasing deals, of which there are several on the market.

Men tend to opt for a cash back loyalty card, with 24 per cent of men favouring this option compared with 19 per cent of women. Women tend to like card where they can rack up retail points, with 37 per cent of women and 27 per cent of men choosing this option. Young people tend to be more likely to want a card which offers some form of reward, with 18 per cent going for low rate deals. Meanwhile, 35 per cent of over fifties like retail rewards and 23 per cent like cash back cards.

Charlotte Hogg, managing director for the Goldfish Credit Card commented: ‘Credit card holders need to demand more from their plastic.  If customers hold a card that doesn’t reward their spending then they should investigate what other cards might be better suited to their spending patterns. We have found that an increasing number of our customers are using their credit cards for everyday purchases such as groceries and petrol, realising that they can reap rewards for all the regular purchases they make anyway.’