Brits missing out on money because of loyalty card mistake
Four in 10 Brits have missed out on ‘free money’ from loyalty rewards, discount cards or cashback points because they have expired before they can use them.
A study of 2,000 adults also found 20% only ‘sometimes’ use cashback schemes or other money-saving tricks when making purchases.
With the main reasons including it being too complicated, time consuming or they simply can’t be bothered.
While 26% are never sure if it’s just a scam, and 61 per cent think you have to spend ‘a lot’ of money on a credit card before getting decent rewards.
Mark Plowright, director of Virgin Trains Ticketing, which lets customers purchase railcards on the app and website, says: “We all wish our money could go a bit further.
“Railcards are one of the most efficient cash-savers out there, yet 64 per cent of train travellers don’t own one.
“Many will know the pain of growing out of their young person’s railcard, but there are lots of others available that can help save money.”
The study found seven in 10 (69% ) consider pure cash rewards the best benefit a company can offer.
Second on the list was discount vouchers (37%), followed free products, services or trips (26 per cent).
Just under six in 10 (59%) also say they would be more likely to use a loyalty reward scheme if the process were simplified.
As 43% admit there are places they often shop at, which offer rewards, but they’re not signed up to them.
Even though 84% believe it’s now more important than ever to get the most out of your money, according to the OnePoll figures.
And when they do save, over half (56%) have been surprised by the sheer amount they’ve managed to get.
While 14% have bought a more expensive train ticket by accident or have forgotten to use their railcard.
And 38% don’t think you can save much with a railcard – despite those with a 16-25 or 26-30 railcard being able to cut their train travel cost by a third.
Mark Plowright for Virgin Trains Ticketing, which helps travellers save money on their next train ticket by earning points on travel, added: “With the cost of living still a huge issue, it’s more important than ever to be financially savvy.
“Utilising rewards programs, loyalty schemes and discount cards can help save money on essentials and make the most of your spending.”
Supermarket loyalty schemes - which has one?
MOST UK supermarkets have loyalty schemes so customers can build up points and save money while they shop.
Here we round up what saving programmes you’ll find at the big brands.
- Iceland: Unlike other stores, you don’t collect points with the Iceland Bonus Card. Instead, you load it up with money and Iceland will give you £1 for every £20 you save.
- Lidl Plus: Lidl customers don’t collect points when they shop, and are instead rewarded with personalised vouchers that gives them money off at the till.
- Morrisons: The My Morrisons: Make Good Things Happen replaces the More Card and rewards customers with personalised money off vouchers via the app.
- Sainsbury’s: While Sainsbury’s doesn’t have a personal scheme, it does own the Nectar card which can also be used in Argos, eBay and other shops. You need 200 Nectar points to save up £1 to spend on your card. You need to spend at least £1 to get one Nectar point.
- Tesco: Tesco Clubcard has over 17million members in the UK alone. You use it each time you shop and build up points that can be turned into vouchers – 150 points gets you a £1.50 voucher. Here you need to spend £1 in Tesco to get one point.
- Waitrose: myWaitrose also doesn’t allow you to collect points but instead you’ll get access to free hot drinks, and discounts off certain brands in store.