Jun
26Credit Card Point Schemes Offer Poor Value
Tagged Under : Poor Value, Schemes Offer, Value
Credit card companies often use point schemes to attract more customers. But often these schemes offer very poor value. This is especially true for people who get credit cards in order to borrow money.
Most of these credit card schemes give back only 1% or less of what you spent on your credit card, says a report in a Consumers Association magazine.
Also they often have rules in place that you need to spend a certain amount before you are allowed to claim anything back. These amounts can be £500 to even £1000. For example, spending about £5000 on over a couple of years on certain credit cards would give you vouchers with a value of only £12.50.
They types of credit cards that use point schemes tend to chare much higher rate, when you are borrowing money on your credit card. Unless you pay your bills in full every month, these perks will have little or no value.
Point schemes are somewhat complicated to compare, but when you’re choosing a credit card, you should consider how you will use it, and then you can choose a card that will reward you for the way you are planning to use it.
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