Monday, 14 December 2015

Consumers missing out on benefits worth thousands of Egyptian Pounds each year

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

(Dubai, December 9th 2015) Egypt banks are continuing to compete fiercely to win more credit card customers by offering attractive perks and benefits, including free Cash Back on all local purchases and discounts of up to 50 percent at over 50 leading merchant partners. However a recent survey conducted by revealed that 56 percent of consumers are failing to utilise the free benefits.
The number of credit card users in Egypt has climbed from 33 percent to 38 percent in such a short time frame, according to Mohamed Shawky, head of Information Technology at Bloom Bank Egypt, so it’s becoming increasingly important for consumers to understand the benefits available to them. 
However, the survey carried out by amwalak, who operate finance comparison websites across the Middle East and enables users to compare all the banks in one place, highlights a lack of awareness and prior planning which is subsequently causing consumers to miss out on thousands of pounds worth of benefits.
Credit cards and pre-paid cards have emerged as key financial drivers in Egypt, with Egyptian credit bureau (i-score) stating credit is becoming a vital part of the Egyptian lifestyle, due to the growing trend of shopping online via hand-held devices such as mobile phones and tablets.
Samer Chehab, COO compareit4me group which owns and operates, 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, 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 alerts and downloading associated apps will ensure consumers keep track of the latest offers and benefits associated with credit cards.”
With an increase in the education of the importance of knowing about and using the benefits provided with credit cards, there should be a noticeable drop in the number of people failing to utilise the reward programmes and thus, losing money.