Reputation 'important to credit card users'
Published On 25 June 2007
People take the brand and reputation of the potential credit card in to account before considering thinks like balance transfer fees and long balance-transfer periods, new research suggests.According to consumer website Fool.co.uk, eight out of ten credit card customers said that brand and reputation were the first things they thought about when applying for a new card.
Furthermore, eight out of ten people also said that APRs are more important than enticing zero per cent offers.
Despite this, just 20 per cent of credit card customers felt they were happy with their current card and provider.
David Kuo, the head of personal finance at the website, explained that Barclaycard was voted as the best credit card in the survey.
"However, as one of the major credit card providers in the UK, Barclaycard must bear some responsibility for ensuring that the industry remains competitive by continually improving its offering to customers," he said.
"It must stop talking of introducing annual fees for low-usage customers, which sends out the wrong message to sensible consumers. It should not frighten customers into using their credit cards to simply avoid paying annual fees."
Recent figures from Credit Action showed that nine per cent of people from the UK say that they have taken out a new credit card to pay off existing debt.
