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17/08/2009 -
Credit card companies are decreasing their cash back and shopping rewards programs in favor of points programs and airfare miles programs, according to a recent study from Sainsbury's Credit Cards.The study, which surveyed UK credit cards, found that the number of cards offering cash back programs dropped from 17 in May 2008 to 13 in June 2009, while the number with shopping rewards fell from 118 to 92, according to Colloquy.
Meanwhile, points programs increased from 35 to 42, and airfare programs grew from 14 to 18.
Although the study was UK-focused, the results are likely indicative of a greater global trend of shifting credit card reward programs.
Especially in difficult economic times, consumers are particularly attentive to programs that can help them save money, such as credit card rewards.
"The recession has made a lot of people reassess their finances and it's great to see that people are starting to make the most of the rewards on offer via their credit cards," said Craig Hunter of Sainsbury's Credit Cards.
As attractive rewards programs are likely to increase credit card usage, small businesses and merchants should ensure that their business is capable of credit card processing.
