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Consumers urged to seek Christmas shopping rewards

02 November 2011 15:26:31

Christmas shoppers should compare credit card reward schemes. image
Christmas shoppers should compare credit card reward schemes.
Christmas is now less than two months away and consumers are starting to hit the high streets to do their festive shopping. Figures from M&S Money suggest that the average consumer will spend just over £560 on Christmas this year, with £378 going on family gifts and £183 on food, drink and entertainment. But independent financial research firm Defaqto has pointed out that shoppers can actually make their Christmas spending financially rewarding by using the right credit card.

Wide range of rewards available
Consumers who are good at managing their unsecured borrowing and always pay off their card balances on time should compare credit cards and find one that rewards users for their loyalty. According to Defaqto, there are four main types of rewards: air miles, cashback, points schemes and shopping rewards. At present, there are 13 credit cards that offer cashback rewards; 19 offering air miles; 66 providing loyalty points; and 53 offering shopping rewards. This means there is plenty of choice for those who wish to be rewarded for their shopping.

David Black, Defaqto's insight analyst for banking, explained: "If you are confident that you can always repay the entire outstanding balance on your credit card every month then it makes sense to choose a card that offers rewards. Although Christmas is an expensive time, the right type of credit card can help you earn while you spend."

Shoppers advised to compare rewards
Mr Black observed that different cards will suit different people's circumstances. He noted: "The rewards offered by credit cards vary widely so it is important to focus on these benefits when comparing different options if you want to take advantage of the best offers available."

Consumers who wish to use a new card for their festive shopping should waste no time before going online to compare credit cards. The Defaqto spokesman pointed out: "If you want to have a new card for your Christmas spending, then you need to think about applying for it now so that you have it in time."ADNFCR-2196-ID-800784419-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

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