Are credit card reward schemes worthwhile?
17 July 2008
Credit card reward schemes are a good bet for most people, Sainsbury's Finances asserts.
Donald MacLeod, head of cards at the monetary services provider, states that people should ensure that they redeem all the points they can as they are worth it.
However, he notes that consumers need to ask themselves how they are going to get value from such schemes.
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Mr MacLeod explains that if they do not do this, people could find themselves "spending merrily away and collecting all the points, but when it comes to the crunch you can't do anything with them".
The representative's comments follow research by the financial services provider in recent weeks which suggested that 8.19 million people collected popular credit cards rewards in the previous year, but only three million consumers redeemed the points.
A total of 42 per cent of people whose credit card offered such a scheme said that the financial rewards offered were too small, while others could not be bothered or found the redemption process too long.
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