Rewards cards 'on the up'

The popularity of reward companion credit cards has risen, it has been revealed.

Reward credit cards are becoming increasingly commonplace, it has been reported.

A Sydney Morning Herald article points out that with all four of the country's leading banks now offering companion American Express credit cards to consumers to use alongside their card offered with their existing account.

In using the companion card, it was suggested that people will be able to build up reward points quickly.

However, consumers may wish to compare accounts as it was revealed that some cards accumulate points faster than others.

"Consumers happy with reward vouchers for use with one retailer may earn more rewards faster but lack the scope of rewards available through other programs," Mike Ebstein of MWE Consulting points out.

Such a report comes as an article published in Business Day last month revealing that banks had increased their marketing campaigns over recent weeks, encouraging people to take out cards which come with incentives such as more reward points, lower card fees and an interest free period on purchases.

Posted by Ashley King