A recent survey carried out by Auriemma Consulting Group, (ACG) found that despite some alluring reward schemes on offer by credit card providers, consumers still prefer no or low charging fees. It appears that finally customers are backing away from focusing on the perks and presents that may come with the sign up of a credit based product, but would much rather have a credit card that involves steady savings. Megan Bramlette the managing editor of Cardbeat commented that “UK consumers have clearly indicated that they place a premium on low-cost borrowing options, even at the expense of enticing rewards schemes”.

Unfortunately this makes imposing charges on UK credit card holders all the more difficult a task for if consumers were more focused on the rewards, the charges could be blanketed beneath the beauty of the gift or reward on offer. Pressured by the rising levels of bad debt card issuers may have no option than to return to the days of imposed annual card charges. Charges will no longer be issued solely in the direction of the more affluent and high spending customers now “the onus will be on lenders to provide consumers with a high value card in exchange for the fee”.