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Cashback credit cards 'on the way out'

01 February 2010 09:54:54

The popularity of cashback credit cards is diminishing. image
The popularity of cashback credit cards is diminishing.
Cashback credit cards could soon be a thing of the past, according to research published yesterday (January 31st).

Financial services firm Defaqto conducted a study which found that just one in 20 (4.8%) credit cards now offer cashback, compared with over a quarter (28.2%) six years ago.

Furthermore, the company claimed that the proportion of credit cards being provided with points schemes or Airmiles has increased slightly during the equivalent period.

In an interview with the Independent, David Black, a banking expert at Defaqto, explained that more credit card providers are likely to withdraw their cashback offerings.

"The card providers will seek to recover lost income by a combination of increasing rates, introducing annual fees, less generous introductory offers and reining back on reward schemes," he told the newspaper.

Earlier this month, Barclaycard announced that it is set to launch a new credit card scheme which will see its eight million customers given "rewards money".ADNFCR-2196-ID-19588847-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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