Credit Card Reward Schemes

Sainsbury’s Finance has just announced that credit card rewards schemes are going to be more difficult to find over the next few months.  Credit card companies are taking away these rewards programmes in order to make more money on the consumer.  In the last year credit card reward schemes have lowered 11 percent.  Just over two thirds of credit cards are offering rewards.  It used to be 78 percent of cards had rewards.

The types of rewards being offered are changing just as much as the lack of rewards.  For example in the last few years shopping rewards or cash back were being offered.  Now more cards are offering air miles than a year ago.  Rewards schemes are more popular with consumers due to the credit crunch.  54 percent of card holders compared to 23 percent of card holders have been looking for rewards deals.  The recession has made it impossible for some families to just use cash or their bank accounts for spending.  They want to get some reward from credit card usage since they are forced to shop with them.  This is part of the reason rewards are being sought.  The trouble is the rewards are slowly disappearing.