In the UK, where 90% of adults own at least one store card, you would think everyone would be reaping the benefits of these rewards programs. Unfortunately, that is not the case. We are human and sometimes forget things, sometimes things like “ £220 million-worth of "forgotten" points.” According to the Business Reporter, that is approximately the amount of points loyalty scheme members in the UK have sitting, unused on their cards. There could be plenty of reasons as to why this is happening, but whatever the reason, this begs the question: Are these loyalty rewards members really being rewarded at all?
Mortgage Miles Loyalty Card is looking to change all of this in a profound way. This card is a “new loyalty scheme that enables mortgage holders to pay off more of their mortgage debt simply by shopping with their favourite retailers.” Imagine using this card shopping and knowing you are directly benefiting with every purchase. Some of the rewards this card is offering include:
- Owner of the card to accumulate up to 1%, (less a small administration charge) of their spending at participating retailers, into a fund which accumulates over time.
- This cash reward scheme is available to all UK residents over the age of 18 years of age
- UK residents who do not possess a mortgage are eligible and will be entitled to a cash withdrawal in line with drawdown terms.
Consumers won’t easily forget a loyalty program that is this beneficial and offers relevant rewards. Even the options offered to consumers without mortgages not only widen the audience, but do so without lessening the impact of the other options.
The introduction of this new program couldn’t have been introduced at a better time. Right now, according to PRWeb, the positive sentiment for property stands at 32%, having risen substantially from 8% in April. Considering this information, this rewards card is on track to really give back to loyal customers and revolutionize the idea of the loyalty scheme. Instead of earning points that the average person is likely to forget, this becomes something as vital and concrete as the roof over their head.
Mortgage Miles should see plenty of success where it’s competitors didn’t especially with the prosperous state of the mortgage market. If so, it would be great to see more companies move towards a truly rewarding loyalty program.