Spend up or forget about card rewards

Credit card holders must spend at least $2,000 per month to get any value from credit card rewards programs according to consumer advocates. Consumers who spend less than $1,000 per month are likely to be paying more in annual card fees than they receive in rewards.

On a $1,000 per month spending pattern a survey of 63 cards found that, on average, it would take a card holder five and a half years to accumulate enough points for a $500 digital camera.

On average consumers spend about $1,200 per month on a credit card. The average credit card balance was $3,123 in January, up just three per cent over 12 months.

Source: The Age

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