UK consumers dissatisfied with the loyalty benefits received

According to this, only a third of Brits (35%) are satisfied with the loyalty rewards they presently get from their bank; while 37% of credit card holders don’t know what interest rate they are getting on their cashback or other rewards.

The research also reveals that people are interested in financial products from brands they love or trust, or where the loyalty rewards might be more valuable and relevant to them. Therefore, 39% of consumers are interested in accessing financial services like credit, loans or investments from brands they love and trust; 56% of 18-24 year olds are interested in a credit card from their favourite high street brand, 55% from their favourite band, and 42% from a favourite sports team.

Loyalty rewards are important to consumers with 59% stating that they like getting something back in return for their loyalty and 49% seeing a benefit in rewards helping their money go further. Some 38% of consumers feel more loyal to a brand if they receive rewards and 37% are likely to spend more money with a brand that provides loyalty rewards. Only 16% of people believe that rewards have no impact.

57% of UK consumers want rewards that reflect their spending behaviour, or tie into their passion, or hobbies. What’s more, young adults are also twice as likely to be interested in alternative rewards options such as charity donations, exclusive access to products and exclusive content compared to the general population.