We’ve probably all been asked a dozen or so times whether or not we would like to join a customer loyalty program, each claiming to help us save big on our next purchase. Some offer exclusive discounts or VIP invitations to events, others will give us points for spending money. But do customer loyalty programs and store cards actually save you money?
There are different types of loyalty programs businesses offer
There are points programs, frequent flyer points are a great example of this. It works by giving members points for every dollar that they spend. Then there are discount programs that offer customers a reduced rate storewide or on specific products, or VIP programs that reward loyal customers with exclusive invitations.
Always read the fine print before you sign up to a store card or customer loyalty program. There are many varying factors that determine whether or not it is suitable for you and can actually save you money in the long run.
If you sign up to loyalty programs for brands you use frequently, you can save significantly on your purchases. Join a brand’s loyalty program if it’s rewards are relevant to your needs. For example, if you are a frequent flyer you can benefit significantly or you can save on groceries if your local fruit and vegetable store offers VIP members 15% off produce.
Check out the loyalty programs at businesses that you visit often. Or if you give away store gift cards for Christmas and birthdays, take a look at store cards that can earn you an extra present or so each year.
Sometimes brands reward customers that follow them on social media. Look at your favourite brand's digital media specials and deals. However, try to avoid impulse buying products that you don’t need, even if it is on special.
If you do a little research you can save big on products you are already buying. Do you have any tips for saving big on everyday purchases? Let us know at @AlphaFinanceAU