Clearer Card Reward Programmes Wanted
Sainsburys Banks is asking for credit card reward programmes to be less complicated and clearer to understand so that consumers can make an informed decision.
According to a Sainsburys Bank study around 51 percent of people with credit cards are participating in a reward scheme, though just 23 percent of them have claimed a reward. The main issue appears to be that the reward available is not worth the effort it takes to claim it. It is likely that most credit card holders do not spend enough to get the bigger reward items, leaving them looking at things they do not really want.
Further supporting the request of Sainsburys Bank to make credit card reward schemes easier to understand the card providers offering rewards has gone up from 120 in 2005 to around 190 now. Therefore there should really have been many more people claiming on them.