I think you have to put some time in on understanding the ins and outs to get the most from it. Used wisely, you can save thousands of pounds a year but it requires commitment and knowledge. It's much the same for all the Frequent Flyer programmes although you really have to do the miles to get those benefits.
At a conservative estimate, I'll spend around £20k less this year than I would otherwise have to do on travel because of programmes like Avios. I say "spend less" rather than "save" because I wouldn't actually spend the full amount if that was the only option.
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