American Express highlights the attractions of credit cards
In a blatant move to grab back the attention from the debit card market to the credit card market, American Express has been highlighting "the benefits" of credit card use against debit card use. As a recent report highlighted the substantial increase in debit card use to pay for everyday goods, and the slowdown in credit card use, the American giant has taken this opportunity to highlight cash-back and reward credit cards.
The company believe that UK consumers are spending billions of pounds on debit card transactions and missing out on payments, which could for some people reach hundreds of pounds, from the array of cash-back and reward cards available in the UK. Many believe this is the start of a substantial fight back by the UK credit card industry which has been on the back foot for some time as rates continue to rise and financial hardship continues to spread amongst the UK population. Maybe if the likes of American Express were to follow up this heartfelt defence of the credit card industry with rate reductions, we may see UK consumers take more attention?
As it stands, credit card users in the UK have seen their interest rates rise substantially over the last few months and while at some stage they will fall back, the added expense has pushed many people over the edge.
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