Brits hold £1.3bn in unclaimed loyalty card savings

Shoppers hold an estimated £1.3bn of savings in unclaimed loyalty points according to new research commissioned by Gocompare.com.
 
Most (95%) UK adults are members of at least one loyalty scheme and estimate the current value of their rewards to be £28.60.  While more women (98%) than men (91%) participate in loyalty schemes, the survey found that men typically carry much higher balances on their reward cards than women - £35.90 compared with £22.60 for women.  
 
The survey also revealed that in the last year Britons redeemed £2.1bn worth of loyalty card points.  Those who cashed-in their rewards benefited from an average saving of £46.90, but 14% of loyalty scheme members surveyed said that they haven’t redeemed any points in the last year.
 
Claire Peate, customer insight manager at Gocompare.com, commented: “Loyalty cards allow you to earn points and rewards on a wide range of goods and services – but unless you remember to redeem them, they are pointless.  To avoid losing the benefits accrued through these schemes, make sure that you read the terms and conditions carefully, and in particular look for exclusions, expiry dates and ways in which you can get the maximum value from your points.”
 
Claire Peate continued: “Retailers frequently run offers whereby you can earn extra loyalty rewards over a certain period of time or if you buy certain products, tempting us to spend more money.  But, generally speaking, loyalty benefits represent a tiny discount and you often have to spend a significant amount to earn a few pounds’ worth of rewards.  As such, buying something solely on account of the loyalty points you receive could be a false economy if you could have bought the item for less money elsewhere.”