These days consumers are always on the lookout for ways to save some cash, and it seems that many have got it down to a fine art. In fact, according to research commissioned by American Express, rewards and special offers actually account for an average of £1 in every £25 spent.
The research found that redeeming credit card rewards, retailer offers, loyalty points, discounts and shopping vouchers can be instrumental in cutting the cost of everyday living, with consumers able to save a huge amount of cash simply by taking advantage of the deals offered by various businesses.
On average, each shopper was able to save £742 per year through utilising their rewards and vouchers, with nine in ten of those surveyed collecting/redeeming rewards on a monthly basis.
It was found that credit card reward points were particularly useful to consumers, with 17% relying on them for "incidental and unexpected expenditure". Meanwhile, a further 11% used rewards and vouchers as their rainy day funds, rather than keeping cash available for those extra expenses.
Vouchers and reward schemes show no sign of losing their popularity, and with good reason. These days the average consumer is spoilt for choice – not only are more and more banks and credit cards offering cashback and reward schemes but the rise of the online voucher code means shoppers can save even more, helping keep budgets in check well into the new year.
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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 Any products featured may be withdrawn by their provider or changed at any time.
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