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Date Published : Thursday, September 11, 2008
A new survey has found that cash-strapped consumers are leaning toward credit cards that offer no annual fees or discounts on goods, it has emerged.
The survey by Research International discovered that people in Australia are breaking from tradition and signing up for credit cards with no annual fees rather than a reward scheme, the Sydney Morning Herald said.
Research International studied 1,402 credit card users and 56 per cent of respondents claimed that next time they would choose a card with annual fee rather than a reward scheme.
Author of the report Jonathan Sinton told the newspaper: "People's interest in reward-based cards is waning and they are becoming less single minded about the rewards they are looking for."
Furthermore, it was reported that Australia's preference for frequent flyer points is diminishing with consumers stating a growing fondness for vouchers that would allow them to buy cheaper fuel or grocery products.
"Five years ago it was all about getting frequent flyer points on your credit card. Now, it is about everyday spending, racking up those points to gain discounts on food and petrol in an increasingly difficult economic climate," Mr Sinton added.
Last month, the Courier Mail warned that many Australians were failing to use the frequent flyer points they earn on their credit cards in the most effective way.
It was claimed that travellers haphazardly spend their points as oppose to shopping around for the best deals and also fail to research their flights before cashing in the points.
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Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Australia to weather the storm, says IMF
Australia's economy is in a healthy enough state to see it make it through the global downturn in one piece.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
- Public and government 'confident in face of global economic turmoil'
As the global economy takes a battering, Australians could be forgiven for fearing the worst when it comes to their own nation's money matters.
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