London card holders redeeming £349

More and more people are using credit card reward schemes to make some money, with Londoners the best at taking advantage.

According to research by Goldfish credit card around 83 per cent of card holders in the capital have a loyalty scheme attached.

The study found that between November and January alone, 39 per cent of Londoners redeemed an average of £349 on their cards.

Most people saw this money in the form of vouchers, cash back or travel rewards, meaning card holders were given the extra bonus of having to spend it on a personal treat rather than clearing debts.

Although Londoners have been enjoying their rewards with vigour, it is a different story in the north of England, with fewer people claiming their rewards.

“Credit card reward schemes are a great way for cardholders to be rewarded for everyday spending, but there is no point in having one if customers do not redeem their points,” said Patrick Muir from Goldfish credit card.

“Savvy spenders should consider cards that offer them a tangible benefit or reward for their spending.”

The research also showed that women are more likely to hold a rewards-based credit card but men are more likely to claim the rewards.

Tags: rewards."Credit card reward, benefit, london, scheme, Savvy