£4.25bn worth of rewards unredeemed in UK
There are £4.25bn worth of unredeemed gift vouchers, credit notes, loyalty points and air miles in the UK.
That is one of the findings in a survey by financial website MoneyExpert.com, which revealed that around 83% of people have failed to redeem rewards they have accumulated.??It is estimated that 57% of people have amassed points on reward credit cards that they have not yet spent.
The outstanding rewards are worth an average of £42.??51% of respondents said they had a gift voucher they had not used, worth an average of £43, and 6% had credit notes averaging £163.??20% had collected air miles worth around £35 that they have not used while a third had built up an average of £32 from other loyalty schemes.??
According to MoneyExpert.com those living in London and the South East are most likely to be sitting on unredeemed credit card points (63%) worth an average of £50. The over 55s are also most likely to be hoarding credit card points (64%) with an average value of £39.
Providers that offer competitive cashback credit cards include Abbey, which offers up to £50 cashback off your supermarket shopping; American Express, which pays back 5% of all purchases in the first three months; and Citibank’s Shell Mastercard, which offers a 3% rebate on Shell fuel purchases and a 1% return on all other purchases.