Brits miss out on ‘money’ as reward schemes ‘too confusing’ | Personal Finance | Finance

Four in 10 Brits have missed out on ‘free money’ from loyalty rewards, discount cards or cashback points because they have expired before they can use them.

A study of 2,000 adults also found 20% only ‘sometimes’ use cashback schemes or other money-saving tricks when making purchases.

The main reasons shoppers miss out savings included schemes being too complicated, time consuming or they simply can’t be bothered.

The survey found over a quarter are unsure if it’s just a scam, and 61% think you have to spend ‘a lot’ of money on a credit card before getting decent rewards.

Mark Plowright, director of Virgin Trains Ticketing, which lets customers purchase railcards on the app and website, says: “We all wish our money could go a bit further.

“Railcards are one of the most efficient cash-savers out there, yet 64% of train travellers don’t own one. Many will know the pain of growing out of their young person’s railcard, but there are lots of others available that can help save money.”

The study found seven in ten (69%) consider pure cash rewards the best benefit a company can offer. Second on the list was discount vouchers (37%), followed by free products, services or trips (26%).

Even though 84% believe it’s now more important than ever to get the most out of your money, 43% admit there are places they often shop at, which offer rewards, but they’re not signed up to them.

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Six in ten (59%) said they would be more likely to use a loyalty reward scheme if the process were simplified.

For those who do save however, over half (56%) have been surprised by the sheer amount they’ve managed to get.

While 14% have bought a more expensive train ticket by accident or have forgotten to use their railcard and 38% don’t think you can save much with a railcard – despite those with a 16-25 or 26-30 railcard being able to cut their train travel cost by a third.

Mark Plowright for Virgin Trains Ticketing, which helps travellers save money on their next train ticket by earning points on travel, added: “With the cost of living still a huge issue, it’s more important than ever to be financially savvy.

“Utilising rewards programs, loyalty schemes and discount cards can help save money on essentials and make the most of your spending.”