Compare Credit Cards with CardSmart

Home » Credit Card News » Spending Money » 'More innovation' needed in UK credit card market

'More innovation' needed in UK credit card market

Providers urged to stop focusing on balance transfer rates

More from Spending Money
8 November 2011

'More innovation' needed in UK credit card market”

Bookmarks

UK credit card providers need to offer more innovative deals and switch their focus from balance transfer (BT) rates, according to a financial expert.

Auriemma Consulting Group (ACG) has published a new survey which shows that just eight per cent of UK consumers felt that current credit card acquisition offers in were 'valuable' and would encourage them to apply for a new card. Overall, 58 per cent of respondents were apathetic towards card offers in general.

Matt Simester, ACG's UK managing director, urged credit card providers to provide a broader suite of offers that appeal to the wider credit card consumer base in order to improve consumer's perception of 'value'.

He said: "BT offers appeal to only a small base. The industry needs to focus on reminding consumers about the positive aspects of credit cards, including security and rich rewards programmes.

"It looks like there will be a battle between the traditional lenders and the new entrants to provide something truly innovative."

Posted by Jack Ramsey

Written by ©

Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
Compare More Credit Cards...

The content and information on this website are intended as general information only and shall not be construed as financial advice or recommendations of any nature in accordance with the Financial Services and Markets Act 2000 nor is it intended to address specific financial requirements. Read more... We strongly recommend that you seek independent financial advice before using and/or relying on the information made available to you or prior to purchasing any financial product/service listed on the Website. Whilst every attempt has been made to ensure that the content and information published are true, correct and up to date, no warranty, guarantee or representation is given as to its accuracy, reliability or fitness for a specific purpose.

The Best Buy credit card comparison tables feature financial products/services of our advertisers and may not necessarily constitute the best offers in the market for each of such products/services.