Americans prefer cards that pay cash rewards, survey finds

Wednesday 24 July 2019 11:44 CET | News

A new survey has found that 49% of American adults have a cash back credit card, a 6% increase from 2018.

According to the survey, there is a registered jump in cash back from 43% in 2018 to 49% in 2019. Also notable is that the number of consumers holding a business credit card has more than doubled from 8% in 2018 to 18% in 2019.

The survey also found that cash back cardholders were the most likely to redeem their rewards: 88% did so at least once in 2019. Millennials cashed in more than any other generation. Half of 23- to 38-year-olds received cash back from their credit cards at least monthly. Roughly a quarter did so weekly.

Other key findings:

  • gas/retail rewards were the most likely to be redeemed frequently (43% of cardholders redeemed at least monthly and 23% weekly);

  •  56% of Northeasterners have at least one of these cards as opposed to 51% in the West, 47% in the South, and 43% in the Midwest;

  • parents are more likely than non-parents to have a cash back card (54% vs 43%).

The report surveyed more than 2,500 US-based adults online earlier in July 2019, employing a non-probability-based sample designed to provide nationally representative results.

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Keywords: US, survey, cash reward, cards, cash back, cardholder, credit card
Countries: World