Credit card users 'need to pay full balances' to enjoy incentives

To benefit from the incentives offered by certain credit card products, people will need to ensure that they pay off their full balance each month, according to one expert.

Moneynet.co.uk spokesperson Andrew Hagger commented that the incentives offered by reward cards may not be worth very much to consumers if they do not clear their balances.

The interest that they will have to pay if they fail to meet their full monthly repayments "will more than wipe out any benefits that you would have received from your rewards card", he pointed out.

Meanwhile, the expert went on to highlight the growing popularity of reward cards among those who are looking to get credit.

Earlier this month, the price comparison website moneysupermarket.com revealed that 56 per cent of those polled in a recent survey have been encouraged to get credit cards in the past because of their incentives.

Posted by Tom Burroughs.