Can we have a little treat? – JD, 6
This post is sponsored by American Express.
How are you with money? Do you budget with military precision or take each day as it comes? Follow your shopping list to the letter or chuck whatever takes your fancy into your basket?
In January 2014, American Express commissioned a survey to look at Britain’s shopping habits. The study found that 65% of Brits plan to save the same or more than in 2013*, so American Express Nectar Credit Card teamed up with financial agony aunt, Annie Shaw to dig into the findings and look at what we can learn from different types of shoppers who use rewards.
Annie Shaw identified a set of ‘typologies’: Savvy Shoppers, Budget Boosters, Tempting Treaters and Team Players.
Perhaps you’re a Savvy Shopper. Brits in this category take care where they can to earn rewards from their shopping, and will favour those retailers that offer rewards over those that don’t. Apparently only a quarter (26%) of consumers fit into this category, which means lots of us (myself included!) are missing out by not researching before purchasing.
Meanwhile, nearly half of Brits fall into the category of Budget Boosters, those that use rewards and offers to help pay for daily necessities. That makes a lot of sense to me, collecting up rewards from day to day shopping and then dipping into rewards when you need a little financial boost, such as during holidays, birthdays and Christmas.
Of course, sitting on your rewards when you know they’re within reach takes willpower I’m not sure I have. I think I’m more of a Tempting Treater. The 33% of Brits in this category use rewards to spoil themselves. Mark and I will use rewards to get a family day out or some other family treat, but occasionally, we’ll pick up something for ourselves! I hate spending money on myself, but somehow using rewards to get a treat of make up or clothes seems a little less selfish, so it’s often the only chance I get.
Here’s an interesting one. Some Brits are Team Players, which means they join forces with their partner to pool rewards so that they earn more, faster. That’s pretty clever, actually and makes me wonder if Mark and I should create a second card holder on a single credit card instead of running one each – it could be a great way to earn and maximise the rewards we can enjoy together.
It seems to me that there are benefits to collecting rewards, whatever type of shopper you are. Financial agony aunt, Annie Shaw says,
“Whether you’re already a ‘Budget Booster’ or a ‘Team Player’, there’s always more you can do to make the most of your everyday spending. With 60% of people collecting loyalty or rewards points, or taking advantage of offers regularly, we hope our tips give you some food for thought and motivation to get that financial spring clean underway.”
If you collect Nectar points and would like to boost your points balance, why not apply for the American Express Nectar Credit Card? If you spend and charge £2,000 in the first three months of Card membership, you’ll get a welcome bonus of 20,000 Nectar points worth £100 to spend with Nectar rewards partners (Terms and conditions apply – click here).
Representative Example: Representative 25.0% APR variable. Based on annual fee of £25 and assumed credit limit of £1,200. Interest rate for purchases: 19.9% p.a. variable.
*Omnibus research was conducted between 14 and 16 January 2014 with 1,000 respondents aged 18+ with a household income of £30,000+.
Applicants must be 18 years old or over. Approval is subject to status and terms and conditions apply. For full terms and conditions call 0845 600 5210 or visit www.americanexpress.co.uk/nectartcs. The Nectar Credit Card is offered by American Express Services Europe Limited registered office: Belgrave House, 76 Buckingham Palace Road, London, SW1W 9AX, United Kingdom registered in England and Wales with Company Number 1833139. American Express Services Europe Limited is authorised in the United Kingdom by the Financial Conduct Authority under the Payment Services Regulations 2009 (reference number 415532) for the provision of payment services.
Image cropped and © Zurich Tourismus.