Are you getting your rewards from credit cards

With credit card loyalty and reward schemes once again proving popular, many consumers are not taking advantage of the offers available to them. Research by Airmiles, the longest-running loyalty scheme in the market, has found that 70% of British credit card holders are missing opportunities that could boost the amount of rewards they receive.

As credit card issuers tempt customers with a range of benefits, partly as a result of greater competition with debit cards, issuers of company brand cards, such as Tesco, are also linking in with partner organisations to lure customers to use their services

For instance, the Barclaycard Freedom rewards credit card, launched last month in conjunction with thousands of retail outlets, is giving holders double reward points for a limited time. Another selling point is that customers also have the chance to benefit immediately from a reward, rather than offering vouchers for rewards.

With a significant number of major brands now offering their own credit cards, with a range of discounts on their products and services, there are lots of potential offers for the savvy user. However, although there are more benefits for the consumer, this does not mean that people are taking advantage of them.

However, a problem can lie in wait for the unwary – spending more to build up rewards can also mean an increase in interest charges that might outweigh the actual benefits obtained.