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Pensioners turn to credit cards

More and more OAPs are buying on credit cards to protect their purchases, a survey has found.

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5 March 2009

Pensioners turn to credit cards”

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The research, by Saga Platinum, found 58 per cent of consumers over 50 years old are reacting to news of high street woe and shop closures by spending money on credit instead of debit cards.

This ensures that, should a retail business collapse, pensioners can claim a refund from their credit card company if the item is over £100.

Meanwhile, the proportion of the population as a whole that are protecting their spending with credit cards is a little lower - 46 per cent.

Saga Group chief executive Andrew Goodsell said: "The credit crunch has affected people in a number of ways and as a result they have become more wary; choosing brands they trust and using credit cards as they provide added protection in uncertain times."

In related news, recent figures from the Bank of England show that net lending for credit cards rose by £0.3 billion in January.

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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).
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