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Credit card charges: Brits 'using reward cards'

Brits could be increasingly unwilling to incur credit card charges, with new research from American Express revealing a jump in the number of people in the UK who own reward cards.

Annual consumer research by the organisation found a 32 per cent rise in the number of people who own these devices in the last 12 months.

However, 52 per cent of Brits are utilising debit cards, other forms of credit or cash to pay for their goods and are missing out on up to £3 billion worth of rewards every year.

Typically, people redeemed their rewards to spend on treats (27 per cent), to deal with everyday expenses (20 per cent) or to improve their everyday spending power (29 per cent).

On average, Brits are saving £123 every year by redeeming credit card rewards.

"Consumers are increasingly savvier with their spending and what they expect to receive in return for their choice of payment methods," head of credit cards at American Express Julie Hay said.

John Fieldman
Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801423253-ADNFCR

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