Bargain Hunters Miss out on Bank Account Rewards

Published on 1 January 1970 by Raffick Marday

Research reveals many bargain hunters are missing out on competitive rewards from their bank.

Money strapped Brits struggling to make their cash stretch to cover the rising cost of essentials such as fuel and food, are focused on supermarket rewards but are missing out on ones offered by their bank.

The research by Halifax revealed four out of five consumers are signed up to a supermarket loyalty scheme, while two thirds say they regularly search out vouchers and discounts before making purchases.

They also showed millions miss out on rewards from their bank however, even though many seek out money saving schemes elsewhere.

“Whilst it is clear that we are in tune with getting rewarded for everyday purchases and searching out bargains wherever we can, it is not always so obvious that everyday banking may also be a great way to earn rewards,” said Jeremy Cross, Halifax head of current accounts.

For 41 percent of consumers, using vouchers and reward incentives has actually changed the way they shop, with 69 percent admitting they are saving money as a result of these changes.

Retailers offering reward schemes, such as petrol stations, computer games outlets, and high street pharmacies, are also doing well, with 55 percent of consumers signed up to one of these. While 23 percent use a loyalty credit card and 14 percent a travel loyalty scheme such as a frequent flyer programme.

Debt Stats

The latest debt statistics from Credit Action reveal it is important for consumers to do everything they can to reduce their monthly spend, as the CAB deal with 9,498 new debt problems each working day.

Their June statistics also show 850,000 people have been unemployed for more than 12 months, £68.45 is the average amount it costs to fill up a car with a 50 litre tank with unleaded petrol and £1,156,000,000 is the total value of all purchases made using plastic cards today.

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