Sainsbury's: More transparency needed in credit card reward schemes

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www.moneynews.co.uk > Credit cards > Sainsbury's: More transparency needed in credit card reward schemes

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Sainsbury's: More transparency needed in credit card reward schemes

Sainsbury's is calling for greater transparency regarding credit card reward schemes after finding that many make poor deals.

Research by Sainsbury's found that while most (51 per cent) credit card holders have a reward scheme attached to their cards, only about 23 per cent have made any claims in the last 12 months.

This is despite the number of credit cards offering rewards having risen from 122 in 2005 to 190 in 2008.

The most common reason for not claiming, given by 42 per cent of card holders, is that the rewards are too small to be worth it.

In addition, 24 per cent said the process was too difficult and 23 per cent did not know how.

Credit card holders could have their monthly minimum repayments increase to £25, the Observer reported on Sunday.

In October, Alliance and Leicester customers will have their minimum repayment terms suffer the change which will mainly affect holders of zero per cent cards who have been paying the £5 minimum, according to the newspaper.
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