Consumers urged to take advantage of credit card deals
Published On 30 October 2007
Canny consumers can obtain big payoffs by taking advantage of the current slew of cashback deals available on some credit cards, a new report has claimed.According to Moneyfacts.co.uk, both Capital One and American Express are currently offering credit card users enticing cashback incentives.
And the site has said that now is the perfect time for people to think about taking advantage of these offers.
"This is a hotly contested market and with Christmas just around the corner it's an ideal time to make full use of these introductory offers," explained Michelle Slade, an analyst at the site.
"Taking a constant average monthly spend of £1,000, Capital One would yield a £210 return in year one, compared with £247.50 with American Express.
"This is an impressive return for just going about your day to day spending. And with neither card imposing a maximum cashback, your earnings potential is almost limitless, only restricted by your credit limit and spending power."
Mr Slade said that consumers thinking about making the most of cashback offers should use their credit card for all their purchases and make sure they pay off their whole bill every month.
"Not only will your cashback return rise, it's a double bonus as you will be earning interest for the month too. With rates topping six per cent easily found, your money will be working extra hard."
Recently, Abbey reported that cashback was the most popular incentive for UK credit card customers.
