Interest rate’s top reason to choose card

Apr 16 2008 by Our Correspondent, Western Mail

THE majority of credit card customers want to be able to manage their card online but rates and fees are still the most important criteria for choosing a provider, a survey has shown.

Eight out of 10 people said they would use the internet to research credit cards while 64% would want to be able to apply online and 68% would want to be able to manage their card online.

Despite this, only 40% of people said being able to service their account online is important to them when choosing a credit card, according to consumer research group Global Reviews.

Instead, 51% of people said they would look for a credit card with no annual fee and 46% said they would be guided by the interest rate they would be charged. A further 30% of people said they would choose a credit card according to the rewards and extras it offered.

Adam Goodvach, direct of Global Reviews, said: “As household budgets tighten across the UK, many credit card customers will start to notice the rates they have been paying and begin to look for better deals.

“With so many customers going online, providers wanting to attract these customers need to make sure their website offers the information they are looking for.”

Global Reviews questioned 1,000 credit card users.