Cashback most popular feature in a competitive credit card market

Nearly eight million people are planning to consolidate their credit card debts, according to new research.

A poll conducted by Abbey found that 23 per cent of cardholders are looking to reduce the number of cards they have and get all their debts on to one if possible.

On average, adult Britons were found to have two credit cards, with just over a fifth having three or more.

However, most have at least one card that they have not used for “some time”, according to the bank.

Abbey spokesman Roger Lovering said: “Unless a person is using all of their credit cards, many don’t want to keep them up and running.”

“In the current climate, people are becoming more and more savvy about the impact numerous cards have on their credit rating, and a significant number of cardholders are now looking to consolidate all their credit cards,” he added.

In other news today, Barclaycard has announced that it is cutting the credit limits of more than half a million of its customers.

© Adfero Ltd

Leave a Reply

Your email address will not be published. Required fields are marked *