Sainsburys Bank would like credit card deals made easier to understand to help customers find the best option to suit them.
A study carried out by Sainsburys Bank found that over half of credit card holders have access to a reward scheme, though less than a quarter of them have actually claimed any of the rewards. This figure is made worse when it is considered that the number of credit cards offering rewards has gone up to 190, from just over 120 three years ago.
The people who responded to the Sainsburys Bank survey gave the main reason for not claiming rewards on their credit cards as it just not being worth it. Over 40 percent of people claimed that the effort needed to get the reward simply was not worth it.
Foreign exchange rates can be costing consumers money according to an Abbey National credit card division survey.
The survey has found that around 38 percent of people would pay in Sterling on their credit card whilst abroad, believing they would not incur exchange costs. This is not the case though since dynamic currency conversion means the transaction is converted to the local currency automatically. It is also often the case that it is the receiving bank that levies the charge, often at quite high rates. Again this is something most people are unaware of according to Abbey National, finding over 60 percent falsely believing this to be the case.
The Abbey National credit card Zero is an exception to this foreign exchange scenario and as such it is hoped that either more consumers will use this particular card or that other credit card providers will follow the Abbey National lead.
Having looked at the half term travel market Abbey National has found that prices can be as much as 80 percent higher than when the children are in school, meaning credit cards will be used to take some of the strain.
It came as no surprise to find higher holiday costs when the schools are off but 80 percent was quite extreme thought the Abbey National, especially when the economic climate is such that parents are looking to save money where they can, whilst still doing the best for their children. Scottish parents will fare better than their English counterparts thanks to their school holidays being at different times.
Abbey National found that Spain will offer the best value for families and also suggested ways to save money, including booking in advance, finding the best offer on currency or perhaps using a credit card that saves foreign exchange costs.
Compare the Abbey National credit card rate for yourself at Moneygossip.co.uk.
