Disloyal credit card customers 'are being rewarded'
Published On 13 November 2007
Credit card customers are being rewarded for being disloyal to their providers, a new study has shown.Defaqto found that, despite the introduction of things like anniversary offers, consumers are still able to get better deals by switching to a new credit card.
According to the firm's Credit Cards in the UK report, the average introductory zero per cent offer lasts 9.5 months for balance transfers and 5.6 months for purchases.
"There is a clear incentive for the creditworthy to review and change their credit card on a regular basis," explained David Black, a principal consultant at Defaqto.
"The credit card industry is geared to routinely rewarding customer disloyalty for the creditworthy and there seems to be little evidence of this changing.
"One area where credit card loyalty can be engendered is a rich reward scheme partnership with a national retailer or service provider whereby discounts are earned towards future high value purchases."
A recent study by Abbey indicated that one in ten credit card holders use their card on a daily basis.
