... and to my much loved family I leave my Nectar points and travel perks
BRITONS earn at least £5.7 billion a year in rewards from loyalty schemes. But these can vanish when someone dies.
Shoppers are being urged to check the value of their perks and make plans to either spend or leave them to friends and family.
According to the Loyalty After Death report, which surveyed 2,000 shoppers, most simply save up their loyalty points and sit on them, with two-thirds neglecting to tell family members which schemes they belong to.
Adam Bullock, UK director at website TopCashback and producer of the report, says: ‘Large sums of money could go to waste when people die as many people are not sharing details with loved ones or solicitors so that accrued loyalty points can be passed on to family and friends.’
Arrangements for accrued points vary between providers.
EASY TO PASS ON
POINTS from a Nectar account can be transferred to another account if evidence is provided.
Tesco will accept a written request to transfer points to a new or existing card member. The Co-op requires a letter written to head office to post a cheque to relatives.
For Morrisons’ Match & More scheme, points can be transferred to an executor’s account.
EXTRA EFFORT
POINTS earned with the Avios flights scheme can be transferred – but only if a copy of the will and death certificate is provided.
Boots Advantage points and Virgin Atlantic Flying Club ‘miles’ can be bequeathed, but only if mentioned in the deceased’s will.
Hotels group Marriott will allow rewards to be passed to a legal spouse or common law partner and in some circumstances to friends and family. For Intercontinental Hotels an executor or beneficiary must request them within a year of the holder’s death.
TopCashback allows members to name a beneficiary in their will or for a loved one to withdraw any funds on presentation of the death certificate.
DIE WITH YOU
MEMBERS of British Airways Executive Club, coffee retailer Costa’s club and furniture store Ikea’s scheme should think about spending their points sooner rather than later. This is because BA points cannot be bequeathed, Costa does not allow points to be transferred and Ikea closes accounts once notified of the holder’s death.
Bullock recommends leaving the usernames and passwords of any loyalty scheme with a loved one or including them in a will. He says: ‘At least then people can be aware of the account held and loyalty points left behind, allowing them to decide what to do with them.’