Millions `miss out on credit card rewards`

11 June 2007

Many Britons are taking out credit cards which offer incentives but then not taking advantage of the benefits, according to new research.

A study by the Post Office found that 60 per cent of credit card customers do not use the cash-back or reward schemes which are offered by their providers.

In addition, those that do take part in such schemes receive less than £40 per year, the figures indicate.

Post Office managing director Alan Cook commented: "Not everyone uses their card in the same way and to the best effect.

"We urge credit card holders to look at the long-term value offered by their credit card -particularly as almost [one-third of] credit card users have held their card over five years."

The survey reveals that consumers most value low interest rates, zero per cent on balance transfers and zero per cent on purchases from their credit cards.

Recently, website the Thrifty Scot claimed that Britons have been growing more financially astute regarding credit card fees.

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