Make your credit card work for you, says expert
www.moneynews.co.uk > Credit cards > Make your credit card work for you, says expert
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Money News |
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Make your credit card work for you, says expert
Mon 30th Oct 2006
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Andy Britchford, personal finance analyst at personal finance website Moneyfacts, says that credit card customers who pay their balance in full every month can actually make money by avoiding paying interest to their card provider.
He says the number of incentive-based credit cards offering loyalty schemes and cash back deals has grown to 80 and for level-headed consumers they can offer some great rewards.
"If you can be disciplined enough to use your credit card for your day to day purchases, while keeping the money aside to repay your statement at the end of each month, then it can be a win win situation," Mr Britchford says.
"The beauty for the savvy consumer is that they can earn interest on the savings for that month, as well as receiving cash back or incentives 'free of charge' from your credit card provider."
He adds that consumers can get cashback deals of up to one per cent of all spending, meaning they can make £100 for every £10,000 they spend on their credit card.
They can also benefit from loyalty schemes, which offer similar cash back benefits in terms of points that can be redeemed at specific retailers.
However Mr Britchford points out that consumers who are likely to be holding a balance each month should not be attracted by loyalty schemes and cash back deals. Instead they should look for a credit card that offers the cheapest rate of interest possible.
Related News : Credit cards |
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