Over Half of British Cardholders Spend on Credit Cards Just for the Rewards
- On average, Brits spent £1,554.47 chasing rewards last year, totalling an estimated £23.9bn spent on credit cards
- Food and drinks, clothing and accessories, and household items are the most common purchases
- More than half of millennials admit to spending on their credit card for the rewards
Price comparison site finder.com has released new research into credit card reward spending habits, revealing over half of British cardholders (51 percent) spend on their credit cards simply for the cashback, points or air miles they earn.
Brits spent an average of £1,554.47 over the past 12 months chasing rewards, adding up to an estimated £23.9 billion in total. The most common purchases were food and drinks (52 percent), clothing and accessories (48 percent), and household items (41 percent).
From a generational perspective, baby boomers are least likely to spend on their credit card for the rewards (47 percent), compared to 54 percent of millennials and 55 percent of Gen Xers.
Those in the East Midlands spend the most on their credit cards for rewards at £1,819.16 on average*, almost £265 more than the national average in the last 12 months. On the other end of the spectrum, those in the West Midlands spend the least for rewards, at £1,110.41 on average.
The full details of the survey, complete with infographics, can be found here: https://www.finder.com/uk/chasing-points
Jon Ostler, UK CEO at finder.com said: “Although credit card reward programmes can offer valuable perks, you first need to consider your financial needs, spending habits and goals before deciding which is right for you. Assess the pros and cons of the various cards available. Are there any limits or restrictions on how points can be redeemed? How much do you have to spend? Which rewards will you find most useful? Is there a fee?
“The rewards are of course there to encourage more spending, so it’s easy for many of us to be tempted to spend more than we normally would, or more than we can afford. Latest UK Finance figures show that the annual growth rate of credit card debt is at its highest for 12 years. Once you’ve found the rewards programme that works best for you, make sure you set yourself a budget that is within your means and that you can pay off every month. Reap the rewards while avoiding the debt, and get yourself a healthy credit rate – then you’ve beaten the banks.”
Notes to editors:
- This data comes from a survey of 2,000 British adults, commissioned by com and carried out by OnePoll in February 2018.
- Jon Ostler, CEO (UK) at finder.com is available for comment, opinion or interview regarding the predictions.
- *Of qualifying regions [insert info on which regions were not qualifying]
For further press information, please contact:
Yasmine Triana/Aaryn Vaughan
T: +44 (0)20 3440 8930
E: [email protected]
finder, Australia’s #1 comparison site, launched in the UK in February 2017.
Founded in 2006, finder has over three million MUUs and has helped consumers make 15 million decisions over the past decade.
finder is entirely independent, offering consumers unbiased content, comparisons and, wherever possible, a full market view.
So much more than just a comparison site, finder provides in depth guides, advice and editorial content to help consumers better understand all the options and products available.
Committed to educating and empowering consumers to make informed choices and ultimately, to make savings, finder’s success is based on the provision of up to date and relevant information supplied by dedicated, round the clock research teams.
Categories currently available in the UK include money transfers, travel money, gas & electricity, mobile, broadband, and TV streaming. New products (including insurance, credit cards, loans, mortgages and pensions) will be rolled out over the coming months.
finder now operates in 10 countries including: the UK, Australia, New Zealand, USA, Canada, Hong Kong, Singapore, Chile, Spain and Mexico, and employs over 120 staff worldwide.