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Reaping the Rewards from Credit Card Spending

CHESTER, England, November 21, 2012 /PRNewswire/ --

  • Cardholders can earn extra bang for their buck using a suitable reward or cashback credit card

With Christmas fast approaching, some Brits will be turning to plastic to fund the festive period, but many will be missing out on the opportunity to earn extra bang for their buck by not using a cashback or rewards credit card, according to MoneySupermarket.

With recent research from the UK's number one comparison site revealing one in ten people (10 per cent) will be putting festive spending on a credit or store card, choosing the right card is essential.* This can often be a daunting prospect for consumers, with a vast range of incentives on offer, including cash back, air miles and loyalty club points. Matters are made more confusing by the range of introductory zero per cent APR periods now on offer from many providers, either on balance transfers or purchases. Customers need to consider how often they will use their card, and which type of reward will be most useful to them.

A cashback or reward card will bring extra benefits to those spending on their cards, effectively receiving a discount on their purchases. For example, Barclaycard's Cashback Credit Card offers up to 6 per cent cashback on all spending for the first three months up to a maximum of £120. The card doesn't have any introductory periods so is only suitable for those who will pay off the balance in full each month. Alternatively, The M&S Credit Card offers 0 per cent on purchases for the first 15 months, and offers 1 point for every £1 spent on the card in M&S stores, with 100 points being worth £1 in M&S vouchers. Spending elsewhere earns 1 point for every £2 spent. **

Kevin Mountford, head of banking at MoneySupermarket.com, said:"Every reward or cashback card offers cardholders something different. As such, anyone looking to use one of these cards needs to work out what sort of rewards suit their personal circumstances and shop around for the best deal. For a frequent flier, this might be a product that offers them air miles towards their next trip, whereas people who are planning to use their card in the shops might be better off with a card that gives them money off their next purchase. It is essential anyone thinking about taking out a reward card, considers how and where they are likely to use the card before applying. Many schemes are tied in to certain retailers and purchase types, and if you don't use them regularly in the right place your card may not provide such a good deal after all.

"Card offers change frequently, but we have seen some rich reward products being offered by card providers, offering cashback or retail rewards which can help cardholder make the most of their money. Customers must remember however, that any interest charged on the card will always negate the value of the rewards, even on the most generous schemes.

"Anyone thinking about taking out a reward card needs to be disciplined and ensure they are paying off the full balance each month, ideally by a direct debit, to avoid getting stung by interest charges. If you do pay off your balance each month, then interest rates are of little relevance to you. However, if you intend not to repay your debt in full each month then you should avoid reward cards and opt for a card with a lower interest rate instead. If you are looking to get a new card for your Christmas spending, and know you'll be able to pay off your balance each month, then you need to be quick as time is running out in order to receive the card in time."

Notes to Editors

* MoneySupermarket webpoll 2012

How will you cover the cost of Christmas this year?

  • I'll dip into savings - 23.7%
  • I'll use my disposable income - 38.1%
  • I'll use my credit card/store card - 10.5%
  • I'll have to use my overdraft - 3.2%
  • I have been saving up all year via a savings scheme - 9.7%
  • I'll borrow money from friends and/or family - 1.6%
  • Unsure or don't know - 4.6%
  • I don't celebrate Christmas - 8.5%

** Cashback Credit Cards

    Provider                     Rep APR     Period            Benefits

                                                        6% cashback for 3 months up
                                                         to GBP120 on top 5 purchases
                                                        2% cashback on top 5 monthly
                                                         purchases (minimum of 15
                                                         purchases per month)
                                  19.9%                 0.50% on Barclaycard fee of
    Cashback                 (annual GBP24)    N/A       all other spend

                                                        5% cashback on up to GBP2,500 of
                                                         purchases in the first 3 months                                             
                                  18.5%                 1.25% cashback on everything       
                             (based on                   you buy    
    American Express          annual fee                Double cashback of 2.5% for 
    Platinum Cashback Card      of GBP25)      N/A       one month every year

                                                        5% cashback up to GBP2,000 of
                                                         purchases in the first 3 months
                                                        0.5% cashback on spend up to
                                                        1% cashback on spend between
    American Express                                     GBP3,500 and GBP7,500
    Platinum Cashback                                   1.25% cashback on spend over
     Everyday Card                19.9%        N/A       GBP7.501

                                                        1% cashback on supermarket spend
                                                        2% cashback on department store
                                   22.8%                3% cashback on fuel spend, 
                                (Based on                National Rail and Transport      
    Santander                    annual fee              for London spend up to       
    123 Card                      of GBP24)    N/A       GBP300 per month     

                                                        5% cashback in the first 3
                                                         months up to max GBP100
                                                        0.5% cashback on all subsequent
                                                         purchases up to the next
                                                        1% cashback on all purchases
                                                         from GBP6,000 to GBP9,999.99
    Capital One                                         1.25% cashback on all              
    Aspire World Card             19.9%        N/A       purchases from GBP10,000

                                                        1% cashback om ASDA shopping
                                          0% on balance 1% cashback at any ASDA petrol    
    ASDA Money                            transfers for  station  
    Credit Card                   14.9%     12 months   0.5% cashback everywhere else

Sourced by http://www.moneysupermarket.com 13.11.2012

Rewards Credit Cards

     Provider              Rep APR    Introductory Period      Benefits
                                                          10,500 if you spend GBP500
                                                           in the first 3 months
                                                          3 points per GBP1 spent at
                                                            participating retailers
                                                          2 points per GBP1 spent on
                                                            groceries and petrol
                                                          1 point for every GBP1 spent
                                      0% for 9 months on  3,500 points
    Barclaycard                       balance transfers        = GBP10
    Freedom Rewards          18.9%   (2.90% fee applies)       voucher

                                                          Collect 10 points per GBP1 on
                                                           Sainsbury's shopping in
                                                           the first 3 months
                                                          (capped atGBP1,000 spend per
                                                          After the 3 months receive 4
                                                           points per  GBP1 spent in
                                                          Sainsbury's and 1 point per GBP5
                                                           spent elsewhere
                                                          For the first 3 months you
                                                           will also receive 8 points per
                                                         GBP1 spent and 1 point per 1 litre
                                                         spent on Sainsbury's fuel, after 3
                                                           months you will receive
                                      0% for 6 months on    2 points per
                                        purchases          GBP1 spent
                                      0% for 15 months on     and 1 point
    Sainsbury's Finance                 balance transfers     per 1 litre
    Nectar Card Credit Card   17.9%     (3% fee applies)          spent.

                                                           1,000 bonus Avios points
                                                            when you spend GBP500
                                                            in the first 3 months
                                                           1 Avios point for every
    British Airways Card      15.9%            N/A          pound spent

                                                              5 points for every GBP4
                                                                spent in Tesco stores
                                                              5 points for every GBP4
                                                                spent on Tesco fuel
                                       0% on purchases for 16   1 point for
                                         months                 every GBP4 spent   
                                       0% on balance transfers  elsewhere
    Tesco                               for 9 months (2.9% fee  150 points = GBP1.50
    Clubcard Credit Card         16.9%      applies)            voucher

                                                                 Earn 1 point
                                                                   for every
                                                                 GBP1 spent at
                                                                   M&S and 1
                                                                   point for
                                                                  every GBP2
                                                                  Four times
                                                                   per year
                                                                 points earned
                                                                    will be
                                                                   into M&S
                                                                 which can be
                                                                 used as full
                                                                    or part
                                                                  payment on
                                                                  M&S goods.
                                                                 100 points =
    M & S                                 0% for 15 months on     GBP1 reward
    Credit Card              15.9%         purchases            voucher

                                                                 2,500 points
                                                                  for all new
                                                                    1 point
                                                                 received per
                                                                  GBP1 spent.
                                                                 Points can be
                                                                 used towards
                                                                 holidays and
                                                                   on brands
                                                                 such as M&S,
    NatWest                               0% for 18 months on      Boots and
    World MasterCard         17.9%         purchases            Amazon.

Sourced by http://www.moneysupermarket.com 13.11.2012

MoneySupermarket.com compares (at 30th Oct 2012)

  • 129 car insurance brands and 100 home insurance brands
  • 10 broadband providers and 18 energy providers   
  • 30 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 29 credit card providers
  • 66 savings providers and 37 current account providers.
  • Over 950,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available

Paul Lawler
PR Manager
Tel: +44(0)1244-370-317
Email: [email protected]

SOURCE moneysupermarket.com

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