Consumers ‘planning to ditch cards’
Millions of consumers are planning to ditch some of their credit cards in the near future, the findings of a new survey suggest.
A poll commissioned by Abbey discovered that 23 per cent of credit card customers intend to get rid of unused cards and instead keep just one card that they believe offers them good value.
The results indicate that in the current financial climate people no longer see any benefit in having multiple cards that they do not use, according to Roger Lovering, managing director of Santander Cards.
He added: "People are becoming more and more savvy about the impact numerous cards have on their credit rating, and a significant number of cardholders are now looking to consolidate all their credit cards."
The researchers also discovered that cashback is the feature credit card customers value the most.
Statistics published by the British Bankers' Association showed that underlying credit card borrowing dropped by £0.1 billion during August, while loans and overdrafts were down by £0.3 billion.
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