Claim Now Or Lose Card Cash Reward Points

Claim Now Or Lose Card Cash Reward Points.

Many of us have our wallets and purses stuffed with loyalty cards. Nectar points, travel miles and various cashback schemes with banks and building societies which we accumulate when we make purchases using our cards.

New European union rules that were published in the Spring of this year and take effect this month mean that card issuers are only able to charge a maximum of 0.3% on a credit card transaction and 0.2% on a debit card transaction.

Before the new rules many credit card merchant account providers levied charges sometimes up to 4% on the retailer or seller of your product or service. This was technically a moneymaking machine eating into trading firm's profits but with enough "fat" to be able to pay you a cashback bonus of say 0.1% up to 5% in either points or hard cash.

Now that the maximum charges have been dramatically reduced we have seen many companies withdraw their loyalty schemes. The withdrawal of such loyalty schemes started pretty much as soon as the new regulations were published with companies like Capital One being the 1st to withdraw their loyalty scheme in June, closely followed by many of the leading banks.

The issue now is that many companies that offer these loyalty schemes are actually withdrawing and cancelling all of the bonus points very soon. Some companies are retaining their loyalty scheme but not many.

Our message is simple, empty your wallet or purse this weekend and lay all of your loyalty cards as well as credit and debit cards out on a table and contact each company or visit their website to check what their stance is with regard to their loyalty scheme.