Brits willing to go to extreme lengths for free money
How far would you go for free money? Well research from moneysupermarket.com shows that Brits will go to extreme and bizarre lengths to get their hands on free cash. However when it comes to our own personal finances we fail to take advantage of those products which reward us for spending with minimal effort.
Applying for a new product online, such as a cashback credit card, takes just a few minutes, yet surprisingly, half of Brits have never used any financial products which give rewards for spending, even though more than half (57 per cent) would be willing to wait for four hours in a queue for £400. Perhaps more startling is that more people would take part in a medical experiment (24 per cent), or lick the pavement (25 per cent) than have ever taken out a cashback credit card (23 per cent).
Cashback credit cards offer customers a cash bonus every time they spend and for the most disciplined of borrowers, they can be a great way of generating some extra bang for their buck. Someone spending £2,500 per month on the American Express Platinum Cashback card would earn an extra £424 per year in cash back without changing their habits at all.
Clare Francis, site editor at moneysupermarket.com, said: "We all like the idea of getting something for nothing and it's clear from our research that a large proportion of the UK public are prepared to go to some quite extreme lengths for some free dosh. There are so many ways consumers can earn free cash without having to lift a finger and we'd encourage them to spend five minutes online to get their money working harder for them - surely that's better than licking the pavement?
"It's truly shocking to see that over half the population (54 per cent) would spend hours writing a 1,000 word essay for £400, yet only a quarter have ever taken out a cashback credit card. Whilst the decision to borrow should never be taken lightly, using a cashback credit card instead of a regular product is an easy way to squeeze some extra value out of your provider and doesn't require any effort from the consumer.
"Its worth noting that while a cashback card can work well for organised, disciplined customers, anyone failing to pay off the full balance each month will end up with large interest payments, negating any financial gain. The best bet is to set up a Direct Debit and pay off your balance in full each month to ensure you'll never miss a payment."