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Reward and loyalty schemes

A card with this type of scheme is attractive for the same reasons as a cashback card, spending money equals rewards.

As long as you are sensible and are not tempted to justify extra spending on the basis that you will rack up extra reward points, then these increasingly popular schemes can be of great worth.

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As is the case with cashback cards, instant transactions such as cash withdrawals and online gambling deposits will begin to accrue interest straight away and can eat into the relative worth of your annual reward substantially.

Another, more positive, similarity to cashback cards is that cards of this type double up on your reward points, which, depending on the offer, will equate to free AirMiles, or something similar.

AirMiles work on the same basis as a point scheme, where you rack up mileage that you can then exchange for flights to different destinations. You can get AirMiles to work brilliantly for you, but you must be aware of applicable taxes, fees and surcharges that make your 'free'flights not so free. It is also very important that before you sign up to a scheme like this, you ensure that your spending is of a sufficient amount to claim some free flights; otherwise it is a complete waste of time.

Trying to compare these schemes and quantify exactly how much they are worth can be quite a difficult thing to do. However, if you can find a card that suits your spending patterns, with rewards that suit your lifestyle, then it can really work for you.

Remember, if you are planning on signing up for a card like this, to look out for a decent 0% introductory deal too, because they are available and can be a rather welcome added bonus.

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