I've never been on for things like club cards and nectar points so when Waterstones launched a points card i signed up with a great deal of scepticism. But as I look back over the year I have to concede it has worked.
Fundamentally from a Waterstones point of view I have bought more books. The card has not necessarily been the incentive, with the occasional promotions with double points etc, but it has encouraged me to buy a book when I can put some points towards it and reduce the cost/guilt of the purchase.
But there has been another consequence of having the card and that is with most chain bookshops disappearing off the high street it has in noticeable and probably unconscious ways, made me closer to the Waterstones brand. The ability to get a magazine for free is also a bonus that works.
Throughout the year I have used my points, regularly tendered the card unprompted at a purchase and it's always in the wallet. That means it has been for me at least a success.