Sainsburys Bank believes that credit card users are not claiming the rewards being earned through loyalty point schemes, ultimately costing themselves money.
Looking at the last year the Sainsburys Bank study found that, of over 8 million earned rewards on their credit cards. However only 3 million people claimed their rewards. The biggest reason cited for not claiming was that the value of the reward was too small, this being the reason for over 40 percent. Over a quarter of people felt the process to get the rewards took too long and just under a quarter said it was too difficult.
A Sainsburys Bank spokesman suggested that credit card companies should look addressing these issues since both card provider and consumer would both benefit.
Barclaycard is acknowledged as being the most powerful credit card brand in the UK according to an independent study of the market.
The survey, carried out by the ACG, looked at the number of people having a card, how often it was used, customer thoughts on quality and how the brand is perceived. Having taken all these factors into consideration Barclaycard came out on top, thanks to it being the best known credit card in the country and also the second most used.
A spokesman for ACG, commenting on the results, said that Barclaycard would stand out strongly in the current economic climate since consumers look to the best known names in times of difficulty, feeling that there is less to worry about with a credit card brand they know and trust.
In a study carried out by Saga Insurance it has been found that the younger generation, especially males, are more likely to fall victim to credit card fraud.
Men under 50 are more likely to have several credit cards, making any fraudulent activity much harder to spot. It has also been shown that this sector of the market tend to carry themn all with them in their wallets. A Saga Insurance spokesman felt this was a worrying situation and urged people to take more care over their statements and also where they keep the cards.
He added that the younger consumer was probably less worried about credit card fraud, feeling it would not happen to them. However it has been shown that it can and does happen to people just like them so Saga Insurance are hoping the message will get through.
