Newly commissioned research indicates that there are 13.1 million credit card holders losing out on close to £1.2bn worth of rewards, cashback and points every year, with the majority of people forgetting to take advantage of offers or just not bothering.
But with average annual credit card spend figures at £8,428 per person, with excess predicted over the Christmas season, it is being suggested that using award schemes could save consumers money. In a recent survey by Asda Money consumers were asked - “do you spend the awards that are available with your credit card”?
The results of surveys revealed 2,000 people asked if they possessed a credit card, if they used the associated benefits such as cashback or rewards and how much they intended to spend over the Christmas season.
The average figures from participants in the survey showed that they planned to spend £438 in total over the season, with £86 allocated for family/friends gifts’, £56 for food and £55 towards gifts for children. Surveys also revealed an average spend of £30 on petrol, £35 for eating out and £14 for seasonal parties.
The overall findings of the report reveal that 13.1 million people use credit cards which have reward and cashback schemes that are not utilised.
Head of Asda Credit Cards, Karen Harkin explained:
“we know that Christmas is an expensive time of year, so it’s hardly surprising to see that spending is predicted to increase in the next few weeks. However, with this spending we want to make sure UK consumers can earn the cashback that is due to them. Credit card reward schemes enable people the opportunity to earn cashback, rewards and points which can really help when saving the pennies.”
The Asda Money research shows that large amounts of money are spent on credit cards on an annual basis, especially over Christmas, suggesting to consumers that it makes sense to use the benefits associated with their cards.
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