Savvy Londoners reap credit card rewards

Credit cardholders in London are cashing in using credit card reward schemes, according to a new report from the Goldfish credit card.

The report has found that 83 per cent of those with a credit card in London have a loyalty scheme attached to their card. In the three months from November to January alone over a third (39%) of Londoners redeemed an average of £349 on their credit cards, in the form of retail vouchers, cash back and travel rewards. The most popular types of loyalty scheme in London are retail rewards such as Goldfish (51%), travel rewards such as buy and fly! and Airmiles (24%) and cash back (16%).

Northerners are lagging behind when it comes to redeeming loyalty schemes for extra cash, 37 per cent have redeemed their points in the past three months at an average value of just £49.

Patrick Muir, marketing director, the Goldfish credit card, commented:“Credit card reward schemes are a great way for cardholders to be rewarded for everyday spending, but there is no point in having one if customers do not redeem their points. Savvy spenders should consider cards that offer them a tangible benefit or reward for their spending. Our research tells us that card schemes with a variety of retail partners at which they can redeem their loyalty points are most popular, and they would be best placed taking out a Goldfish card, with 23 retailers to choose from.”

The Goldfish credit card asked a GB representative sample of 2,000 adults whether they held a loyalty credit card, whether they had redeemed the points collected on their card in the past three months, and the value of the amount they redeemed.

Key Findings:

Seventy six per cent of UK cardholders have a loyalty credit card, redeeming an average £135 over the past three months.

The most popular reward schemes in the UK are retail rewards cards (47%) followed by cash back (19%) and travel rewards (17%).

Women are slightly more likely to hold a rewards based credit card than men (78% vs. 75%) however, men redeemed two-thirds more over the past three months (£178 vs. £101).

Those aged over 50 are most likely of all age groups to hold a loyalty credit card (83%), while the under 30s are least likely (68%).

Cardholders aged between 30 and 50 redeemed the most over the past three months, gaining £187 compared to £148 redeemed by under 30s and £89 by the over 50s.

Scots are the region least likely to old a rewards based credit card (65%) while Londoners are most likely (83%).

Northerners redeemed the least over the past three months (£49), while those in London redeemed the most (£349).