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Clear credit card balances 'to benefit more from incentives'

By Sarah Engle, Wed 12 May 2010 - Published in Credit Cards

Credit card users have to make sure they are clearing their balance each month to make the most of incentives offered, it has been suggested.

Recent research from moneysupermarket.com showed that 56 per cent of people chose their credit card because of the extra features offered by providers.

Andrew Hagger, spokesperson for Moneynet.co.uk, said it is understandable that people attempt to get more when taking out a credit card, but they must be cautious when using them.

He explained that if consumers do not clear their balance each month, they could find the cost of interest wipes out the value of the rewards they receive.

"So you need to make sure that you're definitely going to pay your card balance off every month to really benefit from these," he added.

Mr Hagger also recommended that people find the card which best suits their spending habits and noted that some products offer bonuses to people who shop in certain stores.