Credit card loyalty schemes go untapped

By UK CreditCards.com

When was the last time you received rewards for the money you spent on your credit card?

rewards-credit-card

New research from Sainsbury's Finance has found that the answer to that question could well be 'never.' Despite increasing numbers of Brits putting a significant proportion of their monthly expenditure on credit cards, almost half of them do not receive any loyalty points for their spending.

So, isn't it time you got some rewards from your credit card?

Brits spending over a fifth of their outgoings on credit cards
The study from Sainsbury's Finance also found that on average, people are spending 21.2 per cent of their monthly outgoings (excluding mortgage payments or rent) on their credit cards. Men tend to spend slightly more on their cards, with 22.6 per cent of their monthly outgoings being spent using plastic, compared with 19.7 per cent for women.

The report also found that 18-24 year olds spent less of their outgoings on credit cards (15 per cent) than any other age group.  Indeed, almost a quarter of 18-24 year olds (24 per cent) spend nothing on their credit card in an average month.

Make sure you are being rewarded for your spending
With dozens of credit card loyalty schemes available, it is easy to find a credit card which rewards you for your spending.  This can be in the form of credit card rewards points, air miles, cash back or vouchers.

Over half of 18-24 year olds received no loyalty points for their credit card spending whilst, in contrast, just 37 per cent of pensioners reported that they got nothing from their card issuer.

The report from Sainsbury's Finance was designed to ensure that people manage their credit card spend responsibly but also to highlight that you may well be missing out on some lucrative credit card rewards.  So, why not check your credit card today and see if you're missing out on being rewarded for your spending?

See related: Cash back credit cards on the decline, Research: UK rewards cards dwindling

Published: 4 January 2011