Many cardholders missing out on their rewards

 

May 16, 2008

A recent report has highlighted how many rewards based credit card holders are missing out on their rewards by failing to claim. These credit cards have become very popular over recent years, with many consumers that repay their credit card balances in full each month deciding to try and cash in and claim back rewards such as retail rewards, loyalty points, cash back, air miles, travel rewards, and gift voucher from credit card providers. However, many are missing out by not claiming their rewards.

One industry official said: “It’s fairly typical for a company to offer customers an incentive to join their club. Whether it’s reward points in a supermarket or air miles for choosing a specific airline, loyalty is meant to pay.” He went on to state: “However our research shows that while these schemes are a clear incentive to buyers, we as customers do not fulfil our end of the bargain and spend our hard earned rewards. Which means providers have won twice by getting your business and then not having to reward your loyalty as agreed. If this shows anything it’s that there are very few reward schemes that genuinely work. Perhaps the best bet is to stick to a cashback credit card, where at least you are automatically rewarded in pounds and pence.”

The research showed that there was around £42 worth of unclaimed rewards on the average rewards based credit card, and that around 20% of cardholders had around £160 worth of unclaimed air miles. Industry experts state that these cards provide consumers with a valuable way to make something back from the credit card companies, and therefore those that choose these cards should not let the rewards go to waste.

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Written by admin · Filed Under Cash Back Credit Cards, Credit Cards 

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