Many missing out on credit card rewards

A recent report has shown that an alarming number of credit card holders with rewards based cards are missing out on their rewards by failing to claim.

Research was carried out by MoneyExpert.com, and showed that many rewards have gone unclaimed, which means that many people may be sitting on gift vouchers, air miles, rewards points, and various other rewards.

An industry official stated: “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 also said: “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.”

Around 20% of cardholders were found to have unclaimed air miles of £160 or more, and the average cardholder has around £42 worth of unclaimed rewards.