Credit cardholders in London are cashing in using credit card reward
schemes, according to a new report from the Goldfish credit card.
The report has found that 83 per cent of those with a credit card in
London have a loyalty scheme attached to their card. In the three months
from November to January alone over a third (39%) of Londoners redeemed
an average of GBP349 on their credit cards, in the form of retail
vouchers, cash back and travel rewards. The most popular types of
loyalty scheme in London are retail rewards such as Goldfish (51%),
travel rewards such as buy and fly! and Airmiles (24%) and cash back (16%).
Northerners are lagging behind when it comes to redeeming loyalty
schemes for extra cash, 37 per cent have redeemed their points in the
past three months at an average value of just GBP49.
Patrick Muir, marketing director, the Goldfish credit card,
commented:”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. Savvy spenders should consider
cards that offer them a tangible benefit or reward for their spending.
Our research tells us that card schemes with a variety of retail
partners at which they can redeem their loyalty points are most popular,
and they would be best placed taking out a Goldfish card, with 23
retailers to choose from.”
The Goldfish credit card asked a GB representative sample of 2,000
adults whether they held a loyalty credit card, whether they had
redeemed the points collected on their card in the past three months,
and the value of the amount they redeemed.
Seventy six per cent of UK cardholders have a loyalty credit card,
redeeming an average GBP135 over the past three months.
The most popular reward schemes in the UK are retail rewards cards (47%)
followed by cash back (19%) and travel rewards (17%).
Women are slightly more likely to hold a rewards based credit card than
men (78% vs. 75%) however, men redeemed two-thirds more over the past
three months (GBP178 vs. GBP101).
Those aged over 50 are most likely of all age groups to hold a loyalty
credit card (83%), while the under 30s are least likely (68%).
Cardholders aged between 30 and 50 redeemed the most over the past three
months, gaining GBP187 compared to GBP148 redeemed by under 30s and GBP89 by
the over 50s.
Scots are the region least likely to hold a rewards based credit card
(65%) while Londoners are most likely (83%).
Northerners redeemed the least over the past three months (GBP49), while
those in London redeemed the most (GBP349).