London loves cashback credit cards

People living in London redeemed £349 each on cashback credit cards and other reward schemes in the last three months.

That is according to new figures from Goldfish, showing residents of the capital earned far more than people living in other areas of the country.

"Credit card reward schemes are a great way for cardholders to be rewarded for everyday spending, but there is no point in having one if customers do not redeem their points," said Patrick Muir, marketing director at the Goldfish credit card.

"Savvy spenders should consider cards that offer them a tangible benefit or reward for their spending. Our research tells us that card schemes with a variety of retail partners at which they can redeem their loyalty points are most popular."

Londoners not only make the most from cashback credit cards, they are also the most likely to own one.

More than four of the capital's credit card holders in five (83 per cent), have a loyalty scheme on their card.

Between November and January two Londoners in five (39 per cent) redeemed an average of £349 on their credit cards, in vouchers, cashback and travel rewards.

Retail rewards such as Goldfish (51 per cent) were the most popular credit card benefit, followed by travel rewards such as Airmiles (24 per cent) and cashback (16 per cent).

Northerners redeemed the least on their credit cards, with just 37 per cent cashing in £49-worth of rewards in the last three months.