Have you cashed in your loyalty points?

loyalty points

loyalty pointsSaving money with loyalty cards is a popular trend across the UK, but are you making the most of your loyalty points?

A new study found that 86% of British adult population own at least one such card, with each individual saving an average of £100.32 annually - equating to a total of £4.39 billion.

However, the research showed that shoppers are still sitting on £351 million worth of unused points every year!

Missing out

Commissioned to mark 30 years of UK high street loyalty card schemes, the survey of 2,000 people by Plastic Card Services revealed that British consumers carry an average of three loyalty cards with them, while almost a third (29%) own five or more.

Despite this, one in 10 owners (8.05%) admit they have never cashed in their points, missing out on a host of savings.

Shoppers in London and those aged under-25 are the most guilty when it comes to failing to claim on their points. In fact, people aged over-55 are five times more likely to use their loyalty cards than under-25s.

And it seems that if a store offers a loyalty card scheme we are more likely to make a purchase, with half of all adults admitting this, while two-thirds said it makes them feel more loyal.

Which cards are the most popular?

The majority of us use our cards at least twice a week, while one in 10 admit to using one every day. But just what are the best loyalty cards out there?

Well, the supermarket loyalty card scheme is by far the most popular, being used six times more often than any other.

The Tesco Clubcard is the UK's favourite loyalty card, followed by Boots Advantage and Sainsbury's Nectar. But women voted Boots Advantage card their favourite, as did consumers under-25.

Stretch your points further

The one rule to abide by when it comes to loyalty cards is only buy what you need. Retailers will often run regular promotions offering extra points if you buy certain branded products.

However, despite the temptation to gain those additional points, just remember that the value of those points is always lower than the cash you've spent unnecessarily.

To get the most out of your loyalty points why not try exchanging them for things like reward vouchers - they can sometimes triple in value!

You can also find better deals online as opposed to in-store, so check out the retailer's website to take advantage of these.