It pays to be promiscuous with credit cards

Consumers should forget about being loyal to their credit card provider because those who shop around will save money, a financial expert has claimed.

“If you have a good credit rating you’re much better off not being loyal to anyone, because of all the introductory offers around,” said David Black of Defaqto.

Customers who frequently switch providers get the best rewards, Black said, because special offers are designed to entice new customers rather than reward loyalty.

The same advice applies to savings accounts, Black said, where customers should shop around for the highest interest rate.

Earlier this month, Black said that banks are aiming to become “one-stop shops”, providing for all the financial needs of customers.

“The cross-selling of other products on to the existing customer base is destined to become the key battleground as each bank strives to become the one-stop shop for all the personal finance needs of their customers,” he said.

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