Loyalty cards - think again!

Have loyalty credit cards had ( mortgage quotes ) their day? Here we examine some of the rewards available and come to a disappointing conclusion. It's time to think again.

Are credit card loyalty schemes worth the plastic

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they're printed on? According to a recent study by moneysavingexpert .com the answer is a resounding "NO". ( car insurance quotations ) The study investigated 80 reward schemes and was especially unimpressed by Tesco's Clubcard, Nectar and Airmiles. With the average value of each Tesco Clubcard point being worth from 1 to 4 pence, a Nectar point being worth 0.54 pence and an Airmile being valued at 7.9 pence, their reaction is hardly surprising.

In actual fact, an expenditure of £10,000 per annum will earn a ( motor insurance quotes ) reward of £50 with Marks & Spencer, John Lewis and Asda, for instance. There is an Egg scheme which would only reward you with £10 per £10.000, although internet banks' Egg Money Card offers a better rate, at £100. With the Nat West Black card, there is an annual charge of £250 in order to earn £51 per £10,000 of spending! Can you afford to make the saving?

There have been some very big changes in the benefits available( mortgage rates ) recently. Some of the larger stores have ditched their schemes totally, whilst others have radically reduced the rewards on offer. Barclaycard is no longer linked with the Nectar scheme and Tesco has reduced the value of its scheme to new customers. Consumers don't know where they're up to with all the changes and this is causing a complete lack of interest in loyalty cards in general.

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