Consumers missing out on benefits worth thousands of dirhams each year

76 percent of people surveyed by compareit4me were unable to list details of their credit card reward programmes

(Dubai, October 28th 2015) UAE banks are continuing to compete fiercely to win more credit card customers by offering attractive perks and benefits from free flights to football tickets, however a recent survey conducted by compareit4me group revealed that 76 percent of consumers are failing to utilise the free benefits.

A lack of awareness and prior planning is causing consumers to miss out on thousands of dirhams worth of benefits. On top of this, many consumers are locked into paying an annual fee for their credit cards and, again due to failing to take advantage of the rewards provided, are losing money two-fold.

With 5.9 million debit and credit cards in circulation in the UAE and spending on plastic rising year-on-year, compareit4me, who operate finance comparison websites across the Middle East, are planning to increase their education on the importance of comparing all financial products available, so more consumers are driven to apply for cards which are the most suitable for their individual needs. 

Jon Richards, CEO compareit4me group, said: “Used correctly, credit cards can be a very useful tool. When selecting a card, it’s essential to choose one with benefits that match your lifestyle. Compare the cards on offer and choose one that offers benefits you will actually use. Many offer discounts at restaurants, free or half-price cinema tickets, air miles, golfing privileges and airport lounge access. If the card suits your lifestyle, the benefits become easy to measure.” He added: “Signing up for bank bulletins and downloading associated apps will ensure consumers keep track of the latest offers and benefits associated with credit cards.”

A statement released recently by Emirates NBD also revealed that about 17 per cent of spending on their clients’ credit cards is on hotels and dining, with 13 per spent on travel. With an increase in the education of the importance of knowing about and using the benefits provided with credit cards, these figures should see noticeable growth.