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Friday 18th July 2008
Credit card reward schemes can prove worthwhile for some customers, according to advice from Sainsbury's Finance.
If borrowers ensure they redeem points and choose the card best suited to their financial situations the products can prove fruitful, said the company's head of cards Donald MacLeod.
He advised consumers to think about how a card with rewards would benefit their needs before signing up for one.
"'How do I actually get the value? I can see the points mounting up but how do I actually turn those points into value for me?' They are the questions that you need to ask, otherwise you might be spending merrily away and collecting all the points, but when it comes to the crunch you can't do anything with them," Mr McLeod said.
Research from Sainsbury's Bank has found that 8.19 million people collected rewards over the past year, but just three million redeemed their points.
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