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Most people 'don't claim credit card rewards'
16.07.2008
The majority of consumers who use credit cards with loyalty schemes are not claiming their rewards, according to a recent survey.
During the last 12 months, over eight million people have accrued rewards but only three million have actually claimed them, according to the research from Sainsbury's Bank.
It found almost half of people who have credit cards with reward incentives say the main reason for not claiming the rewards is that they are too small.
Head of cards at Sainsbury's Bank Donald MacLeod stated: "Our research shows that the credit card industry has a lot of work to do if customers are really going to feel that their reward schemes are worth having."
Mr MacLeod asserted there is no point in offering such incentives if card-holders perceive them to be of little value or difficult to claim.
Consumers were recently advised to switch their credit card debt to a zero per cent deal in order to "recession-proof" their finances.
Skipton Financial Services also suggested individuals should transfer any loans over to an improved rate for the same reason.
During the last 12 months, over eight million people have accrued rewards but only three million have actually claimed them, according to the research from Sainsbury's Bank.
It found almost half of people who have credit cards with reward incentives say the main reason for not claiming the rewards is that they are too small.
Head of cards at Sainsbury's Bank Donald MacLeod stated: "Our research shows that the credit card industry has a lot of work to do if customers are really going to feel that their reward schemes are worth having."
Mr MacLeod asserted there is no point in offering such incentives if card-holders perceive them to be of little value or difficult to claim.
Consumers were recently advised to switch their credit card debt to a zero per cent deal in order to "recession-proof" their finances.
Skipton Financial Services also suggested individuals should transfer any loans over to an improved rate for the same reason.