Supermarket credit cards 'are favoured by consumers'
Customers prefer the credit cards offered by supermarkets and retailers to the credit cards from traditional banks, new research has shown.
Supermarket credit cards 'are favoured by consumers'”
Credit cards from Marks & Spencer and Tesco proved to offer the most customer satisfaction, a study by uSwitch found, while those from NatWest, Lloyds TSB and Halifax proved to be less popular.
The cards from M&S and Tesco came joint top in the poll, with 89.4 per cent of customers satisfied overall. Offers such as 0% interest and the chance to gain reward points appealed to consumers, the survey found.
American Express is the card most likely to be recommended to a friend, the study found, with 81% of customers saying they would do so.
"With generous rewards such as loyalty points that can be converted into cash, gifts, airmiles or money off your shopping bill, it's easy to see why the supermarket credit cards are doing so well," Louise Bond of the firm said.
The cost of borrowing on a credit card has, however, continued to rise in recent months, the Telegraph reports, noting that in December, the average interest rate rose to 16.28%.
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