Reward schemes biggest incentive for British consumers to use credit cards – Top Cashback

Reward schemes are the biggest reason why British consumers use credit cards, according to research released by Top Cashback on 25 February.

The research shows that 85% of British consumers use credit cards and of those 62% of use credit cards for reward schemes, 58% for increased consumer protection and 38% to build up a good credit score.

Of those that are using credit cards for reward schemes, 58% are using them for cashback rewards, while 42% are using them for a points based scheme.

More than half of UK residents have had to pay credit card charges at some point.

The research also highlights a regional and gender gap in terms of credit cards payments and confidence in credit cards.

East Midlands residents are the most likely to pay their credit cards off in full every month, whilst residents of Wales ones are the least likely.

The gender gap sees women adopt a more wary attitude towards credit cards than men.

TopCashback’s research was based on a survey of 1,205 respondents

Related articles:

Only 51% of Americans have enough savings to clear credit card debt – Bankrate

New EU cards legislation worries consumers – Ipsos

Study shows a third of people in UAE are resistant to credit cards

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