Credit cards Updated:
Credit card customers are missing out on billions of pounds in rewards, and have been encouraged to ditch their 'passive plastic'.
UK consumers are missing out on significant financial rewards, such as cashback, retail vouchers or frequent flyer points to the tune of £3.6 billion every year.
The research conducted by American Express also found that by using other payment methods, almost two-thirds (63%) of people are failing to take advantage of over a hundred pounds' worth of rewards and benefits they could be earning by paying for their everyday spending on rewards credit card.
Consumers are being urged to ditch their 'passive plastic' and get more from their spending by earning rewards from their day-to-day spending as well as on bigger ticket items.
"It is time UK consumers ended their unrequited love affair with passive plastic," said Julie Hay, vice president at American Express.
"Why continue to make purchases on debit and credit cards that give nothing back for your spending?
"At a time when every penny counts, we're urging consumers to make the cards in their wallets work harder for them."
There are a number of rewards credit cards on the market, with incentives to suit most tastes.
If you use your card to pay for your day-to-day expenses – paying off the balance in full at the end of the month of course! – a cashback card could be for you.
The American Express Platinum Cashback card offers an introductory 5.00% cashback for three years on spends up to £2,000 a year, a standard of 0.50% on spends up to £3,500 a year, 1.00% on spend between £3,501 and £7,500 a year, and 1.25% on more than £7,501 a year.
For frequent flyers, the Lloyds TSB Airmiles Duo MasterCard offers two airmiles for every £50 spent, while 150 airmiles are awarded for every £1,000 balance that is transferred from another provider.
For those on the road a lot, the AA Credit Card Visa rewards holders with points that can be spent on fuel and other AA products and services.
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
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