Do your customers have a handle on their credit card rewards? Is it about miles? Points? Cash back? A mixture of all three? Do they know how, exactly, they’re earning the rewards and how to redeem them?
If you think they do, you might want to think again. A new survey by NextAdvisor found that roughly half of everyone using credit cards with rewards is more than a little murky on the fine print. The survey reported that 54 percent of people find their frequent flier programs confusing, while 47 percent say “ditto” about their hotel loyalty programs. And 45 percent admit that they’re basically in the dark about it all.
It’s ironic that so many people are confused about their rewards because most, 67 percent, say that the rewards are the reason they got the card in the first place. Let that all sink in for a minute. Your customers are very confused about the very thing they got your product for … this is not okay.
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