The credit crunch is here in earnest and with UK consumer debt growing by £1 million every 8.5 minutes, and the average household debt increasing by over £9.35 a day, more and more people are looking for ways to save money. One way of saving money, that sounds counterintuitive, is to use reward credit cards wisely. The idea of applying for, and using, a new credit card may fill you with dread but with over 73 million charge and credit cards in circulation (more cards than there are people in fact) others clearly don?t have these fears. If you want to save money in this way then there are numerous cards to choose from, each designed for specific lifestyles ? here are just a couple of the types of reward scheme available.
One area the credit crunch has hit badly is the weekly shopping bill. No matter how you look at it, food prices have increased - this year a family of four are paying £15 more a week than they did last year. One way that you can reduce your grocery bill is to apply for a supermarket loyalty reward credit card. These types of card can give you discounts on in-store purchases by allowing you to collect more reward points. For example, one card gives five reward points for every £4 spent on the card. These points can then be used to make even larger savings at a later date.
These reward cards work by giving you a number of points whenever you use the card in-store. One of the major cards gives five points for every 4 pounds that you spend on the card. These points can be collected and then redeemed as cash off your next shopping bill. If you use the card on a regular basis then you will save more in the long run. Financial experts suggest that you put each weekly shop on the card and then pay it off monthly in order to maximise your savings. Some of these reward credit cards can even be used in a number of stores who are participating in a group loyalty scheme.
This year 24% of UK holidaymakers cancelled their summer holidays abroad because they were worried about their finances. This is another sign of the widespread affect of the crunch. If you are the type of person who just has to get away, preferably to somewhere warm, then you may be interested in a card that gives holiday related rewards. Although there are many of these cards available, from cards that offer travel insurance to discounts on hotels, some of the most popular are those offering free Airmiles.
These are only a couple of ways that money can be saved by clever credit card users. There are many other offers available offering similar savings in other areas of everyday life. If you want to know more about the types of cards available then simply look online for details. Whereas many people are hastily trying to pay their cards off and shutting down their accounts, this may not always be such a great idea. Reward credit cards can actually help in this time of turmoil and make things a little easier on the wallet.
Although these are only two of the types of reward cards available the benefits are clear. If you look online you will find many more offers that can help make savings in nearly every aspect of life. Although at first applying for a new card in the current economic climate may seem like sheer craziness, this may not be the case. In order to be accepted for a new card you will have to have a reasonable good credit rating and this implies that you have handled your money well in the past, that a new card may not be such a risk, and may actually help reduce your outgoings. - 15224
One area the credit crunch has hit badly is the weekly shopping bill. No matter how you look at it, food prices have increased - this year a family of four are paying £15 more a week than they did last year. One way that you can reduce your grocery bill is to apply for a supermarket loyalty reward credit card. These types of card can give you discounts on in-store purchases by allowing you to collect more reward points. For example, one card gives five reward points for every £4 spent on the card. These points can then be used to make even larger savings at a later date.
These reward cards work by giving you a number of points whenever you use the card in-store. One of the major cards gives five points for every 4 pounds that you spend on the card. These points can be collected and then redeemed as cash off your next shopping bill. If you use the card on a regular basis then you will save more in the long run. Financial experts suggest that you put each weekly shop on the card and then pay it off monthly in order to maximise your savings. Some of these reward credit cards can even be used in a number of stores who are participating in a group loyalty scheme.
This year 24% of UK holidaymakers cancelled their summer holidays abroad because they were worried about their finances. This is another sign of the widespread affect of the crunch. If you are the type of person who just has to get away, preferably to somewhere warm, then you may be interested in a card that gives holiday related rewards. Although there are many of these cards available, from cards that offer travel insurance to discounts on hotels, some of the most popular are those offering free Airmiles.
These are only a couple of ways that money can be saved by clever credit card users. There are many other offers available offering similar savings in other areas of everyday life. If you want to know more about the types of cards available then simply look online for details. Whereas many people are hastily trying to pay their cards off and shutting down their accounts, this may not always be such a great idea. Reward credit cards can actually help in this time of turmoil and make things a little easier on the wallet.
Although these are only two of the types of reward cards available the benefits are clear. If you look online you will find many more offers that can help make savings in nearly every aspect of life. Although at first applying for a new card in the current economic climate may seem like sheer craziness, this may not be the case. In order to be accepted for a new card you will have to have a reasonable good credit rating and this implies that you have handled your money well in the past, that a new card may not be such a risk, and may actually help reduce your outgoings. - 15224
About the Author:
Frank Armstrong is a finance writer and has written financial based articles for a variety of websites. Read about rewards credit cards and credit cards online here.
