As the competition in the UK lending market has become ever more intense, lenders and credit card providers have had to go to ever more lengths to attract customers to them. While there is a limit to how low they can go on interest rates, in fact many now go as low as zero per cent for well over six months, card providers can also seek to attract customers with loyalty and reward schemes. These basically reward you for every pound you spend on your credit card.
Loyalty schemes come in all sorts of variations and can offer you air miles, discounts on petrol, points and cash. Cash is probably the best reward you can get from your credit card provider as you can spend it where and when you like and you are not limited by the card provider.
As well as the type of reward, you should also be looking at how much of a reward you are getting. Most rewards will be at around sixty pence for every one hundred pounds you spend on your credit card but some can be lower than forty pence and others as high as eighty pence per hundred pounds so its worth shopping around and finding a card with a generous reward scheme.
You should not allow a reward scheme to distract you...
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