While Australians love to be rewarded for spending, findings released today by American Express reveal that many are uninformed about the credit cards they carry, with over a quarter (27%) of credit card holders with rewards and benefits say they haven’t claimed anything in the past two years.
“Australian credit card holders on average have just an estimated 7,500 reward points sitting on their primary credit card,” said Julie Nestor, Vice President Customer Marketing and Experiences for American Express Australia & New Zealand.
“On average, our American Express Card Members are redeeming 80,000 points per year, enough reward points for a Premium Economy flight from Australia to LA, highlighting that with the right credit card, your points can take you further.”
Types of credit card rewards on offer include:
Now is the time for Australians to take a close look at their credit card, according to Steve Hui, CEO of iFLYflat – The Points Whisperer.
“Due to new interchange reforms introduced by the Reserve Bank of Australia, the credit card rewards landscape will change and many consumers will start seeing their rewards programs become even less rewarding,” he said.
“We’re all educated on the idea of earning points, yet where the most value lies is in the items you can purchase or the distance you can travel when you go to use your credit card points. Make sure you understand the overall value of the card, as not all rewards programs are created equal.”
Credit card rewards are popular
Based on visitors to Canstar’s credit card comparison tables, a rewards program is the single most-sought credit card feature.