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Credit card reward schemes on the rise
12 Mar 2012

Credit card providers are increasingly incorporating loyalty schemes into their products, a new survey has shown.

A total of 42.3 per cent of credit cards now offer a reward scheme, according to research from Sainsbury's Finance, compared to 27.4 per cent two years ago.

Over two thirds (68 per cent) of cards which feature a loyalty scheme used a points or voucher system, while 22 per cent offered cashback and the remaining ten per cent offered air miles.

The survey also highlighted how consumers are drawn to incentive-based schemes, with 55 per cent of credit card holders now enrolled in such a programme and 24.5 per cent looking for a new card with better rewards.

Stuart McKeggie, head of Sainsbury's credit cards, said: "As the cost of living increases, people are increasingly looking to get more for their money and also be rewarded for being loyal customers.

"This is particularly true with credit cards, where people want rewards for using them."

Mr McKeggie added that rewards must be easy to redeem otherwise they are virtually "worthless".

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