Capital One pulling rewards credit cards could be the first of many, warns Uswitch
With Capital One pulling its reward scheme on Monday 1st June, David Mann, Head of Money at Uswitch.com, says: “The writing could be on the wall for reward cards if other lenders take the lead from Capital One. The EU cap on fees – which was initially heralded as a win for consumers – has become a double-edged sword. Instead of helping protect people from high charges, it may have brought about the end of free rewards for savvy card users as card providers try to make up for lost revenue.
“For anyone who pays off their balance in full each month, these cards can give you a regular bonus. Our own research shows that almost two million Brits have enjoyed a free holiday this year thanks to the rewards they’ve racked up.
“The good news is that there are still plenty of great deals out there, such as the American Express Platinum Cashback Everyday and Santander’s 123. But with RBS also pulling its cashback offer in September, you’ll have to be quick to get your hands on one before the plug is pulled.”
For more information visit https://www.uswitch.com/banking/>**www.Uswitch.com** or call 0800 093 06 07
FOR MORE INFORMATION
Ailene Barr
Phone: 020 3872 5610
Email: ailene.barr@uswitch.com
Twitter: @uswitchPR
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