Raw deal with credit card rewards
MANY Australians are getting a raw deal on credit card rewards programs, with a new study showing some schemes require a person to spend 10 times more than others to get the same benefit.
A study of 66 cards by independent financial services firm Cannex found on average a consumer receives a benefit of just 62 cents for every $100 they spend.
But with some programs the rewards can be worth $6 for every $100.
The research showed two thirds of people preferred points-style rewards system, while 15 per cent were attracted to instant benefits.
Among points programs, frequent flyer schemes had the most variation, according to the study.
It costs $20,000, on average, to earn a domestic flight, but with some cards the same trip would cost about $10,000.
A study of 66 cards by independent financial services firm Cannex found on average a consumer receives a benefit of just 62 cents for every $100 they spend.
But with some programs the rewards can be worth $6 for every $100.
The research showed two thirds of people preferred points-style rewards system, while 15 per cent were attracted to instant benefits.
Among points programs, frequent flyer schemes had the most variation, according to the study.
It costs $20,000, on average, to earn a domestic flight, but with some cards the same trip would cost about $10,000.
Read more at: Raw deal with credit card rewards
posted by e-borneo.com @ 6:29 PM
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