A new Saga Insurance credit card, called the Platinum Visa Card, has just been launched which is set to offer a fair deal to Saga customers.
One of the biggest factors with the new Saga Insurance card is that transactions are ordered so that the most expensive to repay amounts are cleared first, something few other card providers offer. Furthermore there will be no currency charges for any transactions made in what is called Visa Europe. This includes the EU plus some others.
There is also the usual credit card offer included by Saga Insurance, namely 0 percent on balance transfers and purchases for 6 months. All in all this new credit card can save customers a great deal of money and is sure to be a resounding success.
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.
Sainsburys Bank would like credit card deals made easier to understand to help customers find the best option to suit them.
A study carried out by Sainsburys Bank found that over half of credit card holders have access to a reward scheme, though less than a quarter of them have actually claimed any of the rewards. This figure is made worse when it is considered that the number of credit cards offering rewards has gone up to 190, from just over 120 three years ago.
The people who responded to the Sainsburys Bank survey gave the main reason for not claiming rewards on their credit cards as it just not being worth it. Over 40 percent of people claimed that the effort needed to get the reward simply was not worth it.