Credit card reward schemes harder to land

New research from Sainsbury’s Finance has revealed that credit cards offering a reward scheme are becoming harder to find.

The proportion of cards available in the UK that offer holders a reward scheme has fallen by over 11% in the past year, with just over two-thirds (66.8%) of credit cards now offering rewards, compared with 78.2% just 12 months ago.

Furthermore, the types of rewards being offered are changing, with credit cards offering shopping rewards or cash back decreasing in number, while more cards are now providing access to a points or Air Miles than a year ago.

But the research also found that such rewards are becoming more popular in light of the recession, with 54% of cardholders with a reward scheme say that they have claimed all or some of the rewards that they have earned in the past year, compared with just 23% a year ago.

Craig Hunter at Sainsbury’s Credit Cards said:

“The recession has made a lot of people reassess their finances and it’s great to see that people are starting to make the most of the rewards on offer via their credit cards. Those with cards that offer no, or poor rewards should ensure they get the best bang for their buck and shop around to make sure any reward scheme they sign up to suits their lifestyle and spending habits best.”

“The credit card industry still has a lot of work to do however, as 46% of people still say that they haven’t reclaimed the rewards they’ve earned in the past year, often because of their view of the scheme they have. There is no point offering reward schemes if there is no perceived value or if it is too difficult to redeem the rewards.”

If you are planning on getting a credit card, head over to http://www.totallymoney.com/credit-cards/ where you can compare the best offers from top UK lenders to find the card that works best for you. When you’ve found the one you want, just click Apply to start the application process.