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UK consumers are missing out on significant financial rewards, such as cashback, retail vouchers or frequent flyer points to the tune of £3.6 billion every year.
The research conducted by American Express also found that by using other payment methods, almost two-thirds (63%) of people are failing to take advantage of over a hundred pounds’ worth of rewards and benefits they could be earning by paying for their everyday spending on rewards credit card.
Consumers are being urged to ditch their ‘passive plastic’ and get more from their spending by earning rewards from their day-to-day spending as well as on bigger ticket items.
Mercator has seen the flip side of this argument among its CustomerMonitor Survey respondents in the U.S., with about one third of credit card rewards participants noting some consolidation behavior in order to maximize their rewards.