Australians plan to go big with rewards this festive season

Published on November 19th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Having a reward credit card allows credit card holders to have access to a wide range of benefits that can be beneficial this festive season. Aussies are planning to make the most of their rewards by including it into their shopping list which could help them save.

Tis the season to be gifting

The festive season is synonymous with buying gifts for our loved ones, and the budget for spending on some gifts are large. With the average Australian planning to fork out $464, some Aussies are planning on finding ways to maximise their credit card rewards to cover the cost.

A recent survey by Citi group Australia found that 27% of Australian credit card holders are planning on shopping around for the best credit card reward program. Furthermore, 1 in 3 Aussies is planning to use their points on gifts. The Christmas spending budget is something that can cause stress for many households, especially once the festive season has passed. As many as 35% of Aussies want to gain more control over their budgets by using benefits such as reward points they have accumulated to help them stick to their budgets.

Points are good, but benefits are better

Christmas time is considered the best time to use points to reduce shopping bills while gaining more points in the process. The research revealed that as many as 44% of Aussies are planning to bag a couple of points when shopping this Christmas. However, there are also other benefits that a reward card that can be maximised during the holiday season. Features such as purchase protection plans, extended warranty, and price protection can come in handy for many features:

  • Purchase protection plans can cover you for items that are faulty, damaged, or if it gets stolen. Your credit card lender can refund you or have such purchases replaced. Keep in mind that most cards will only cover you for a certain amount which is usually stated in the terms of the card.
  • Extended warranty is a feature that many reward cards have and it is in place to protect items that have already have a warranty, but you would like to add another year too.
  • Price protection is a feature that you may find beneficial especially during the festive season when you find yourself purchasing an item only to have it marked down by up to 50% a few days later. You can return the item and get a refund. There is a certain period of time in which you will be able to return the card.

Don’t forget to compare cards for the best deals

There are many alluring offers that are out there, but how do you know if you are getting the best value for your money? Comparing reward cards can be one of the best ways to find a card that comes with a rate and features that is suitable for the way that you spend. Millennials are reward program conscious when it comes to getting the best deal, with 71% of cardholders comparing multiple reward program offerings before making a choice. Always remember to compare the value of your rewards to see if it offering you the best value for your money.

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