Huge opportunity for credit card users to earn rewards
A massive 21% of UK spend is now done by credit card, but 46% of credit card users receive no loyalty points for this.
New research from Sainsbury’s Finance reveals that people are putting a significant amount of their monthly outgoings on credit cards (the 21% is excluding rent or mortgage payments). This suggests a huge opportunity for card companies to promote attracting reward products in the UK market.
The survey found that on average men put slightly more on plastic, with typical card expenditure being 22.6% (compared with 19.7% for women) of their monthly outgoings. 18-24 year olds spend less of their outgoings on cards than other age groups, with the average card holder spending 15% of their outgoings on credit cards, and 24% of card holders spending nothing on their credit cards in a typical month.
Pensioners were the savviest in finding credit card deals which include loyalty schemes, with only 37% of card holders in this
age group reporting that they get nothing from their card providers through a loyalty scheme. In contrast, well over half (56%) of 18-24 year olds get no loyalty points for their card spending.
The Sainsbury’s Nectar Card and Sainsbury’s Gold Credit Card both offer double Nectar points on customer shopping, in store, online and at petrol filling stations. The extra Nectar points are equivalent to an additional 2 per cent, when used in conjunction with a Nectar card, off their Sainsbury’s shopping bill.
Sainsbury’s Finance customers can earn up to 6% off their shopping by using a Nectar card and holding one of five eligible Sainsbury’s Finance products.
Stuart McKeggie, head of Sainsbury’s credit cards said: “There is a lot of competition in the credit card market, so there are some very attractive propositions out there. Shoppers need to make sure they are making their card work hard for them and are getting a reward every time they shop, just like our double Nectar deal on all Sainsbury’s shopping and petrol rewards our customers.”