16 December 2008
Up to £1.76 billion worth of credit card spending could be going unrewarded every month, according to research by Sainsbury's Credit Cards.
It claims that there are 7.55 million credit card holders in the UK who use their card to make everyday purchases and who clear their balances each month.
However, it also claims that 48% of all credit card holders have cards that do not reward them for their expenditure, with cashback or loyalty points for example.
With £3.64 billion being spent on credit cards by these regular card users every month, Sainsbury's calculates that only around half of it is attracting any kind of reward.
Donald MacLeod, Head of Cards at Sainsbury's said: "There are fewer credit cards offering any form of financial reward linked to the amount of money spent on the card today, compared with four years ago, meaning there's no better time to switch to a card that gives you something back."
Meanwhile, credit card providers have agreed on a set of fair principles designed to protect consumers from high interest rates and charges.
Credit card holders unhappy with what their current provider is offering can switch to a different deal online.