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Millions of over-50s miss out on the best credit cards

Your Money
Written By:
Your Money
Posted:
Updated:
16/04/2013

Millions of over-50s could be missing out on the best deals on their credit cards by failing to do the right homework.

According to a new report by Saga, six million over-50s have a credit card but a third of them say they chose their credit card because it was with their bank rather than search for the best deal available.

They also take into account factors like freebies (27%) and overseas charges (11%).

Saga says that only a small number of people say they pick a card for money saving reasons – just 6% of over 50s say they choose a card because of the introductory 0% interest rate.

Roger Ramsden, chief executive of Saga Services, said: “Freebies can be enticing but people should look beyond air miles, vouchers and reward points when they pick a credit card.

“People should pick an all-round good card that has a low standard interest rate that won’t turn round and bite them if they don’t pay their monthly bill in full.”

People who pick cards because of their interest free period should make a note to switch cards at the end of the deal to prevent accruing unnecessary interest on the remaining balance.