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Consumers favour cashback over loyalty points

Cashback is proving to be more popular than loyalty points among consumers.

More from Trends and Analysis
9 October 2013

Consumers favour cashback over loyalty points

When looking for a new credit card deal, it seems consumers would prefer to get cashback on their purchases over points.

New research from the cashback site Quidco revealed that 46 per cent of UK shoppers would like to receive a little money back on their purchases rather than receiving loyalty points that can be used among participants.

It found that one in five of consumers had thrown away their old loyalty cards and that 38 per cent felt they did not get enough back from the Nectar points system.

A number of banks, including Natwest, Halifax and Santander, are launching products in the cashback market to meet consumers' preferences.

Additionally, recent research from Equifax shows that, following the introduction of the new seven day switching service on current accounts, although most customers are loyal to their banks some of them may consider switching if they are offered a sweet enough cashback deal.

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