Balance Transfers Less Popular Than Rewards
Survey shows that rewards and cashback now more popular among credit card users
7th September 2006
Results of a new survey by credit card issuer Morgan Stanley suggest that the popularity of introductory balance transfer deals is finally on the wane, with rewards schemes and cashback now acting as bigger draws when applying for a new card.
According to the survey, 21% of cardholders now have a card featuring either a rewards program or cashback offer, compared to 17% of cardholders using a balance transfer deal.
A spokesman for Morgan Stanley, whose Platinum Card features an industry-leading cashback deal, said that the results showed that cardholders are starting to see the advantages of long-term offers such as cashback compared to headline grabbing but short term introductory deals.
However, it's also very possible that the widespread introduction of balance transfer charges have made these deals less popular with applicants for new cards.
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Products from Morgan Stanley : Buy and Fly Mastercard, Gold Card, Loans, Platinum Card |
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More on Balance Transfers: Balance Transfers: 0%, For Life, or Flat Rate? (Article, 28/09/2005), Beware the Balance Transfer Fee! (Article, 05/09/2005), Compare Balance Transfer Credit Cards (Article, 16/06/2004), Balance Transfer Credit Cards (Article, 17/03/2004), Return of the Annual Fee? (News, 14/11/2005), Egg Profits Boosted by Balance Transfers (News, 27/07/2005), Egg Introduces Balance Transfer Fee (News, 03/05/2005), Rise of the Flat Rate Card (News, 12/04/2005), Co-op : Fixation on Rate Tarts (News, 04/04/2005), See all 11 Balance Transfers stories >>> |
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