The Money Stop

Millions of credit card holders are failing to take advantage of the rewards that are on offer to us.

Research by the Post Office has found that around two-thirds of us are lured by incentives on a new card but do not cash in.

The most common rewards that are available to card holders include cashback offers and other bonuses but 60 per cent are not benefiting from them.

Even those who do take advantage do not use them to their full potential, with the average reward claim being just £37 a year.

Credit card holders are being encouraged to take advantage of the rewards they are offered or opt for a card that offers more long-term benefits.

“We urge credit card holders to look at the long-term value offered by their credit card – particularly as almost a third (32 per cent) of credit card users have held their card over five years.”

It appears that this message is already prevalent among card holders, with 60 per cent of those asked stating that they would stick with one card if they could find one which offered long-term value across the board.

In addition, card holders named low interest rates, nought per cent on balance transfers and nought per cent on purchases as the most desirable features.

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