Credit card rewards aren’t always as rewarding as they could be. One big reason for that is the often-confusing hodgepodge of credit card company rules and restrictions regarding rewards earning and redemption. Plus, some consumers aren’t as knowledgeable as others about picking the right rewards card and then making the most of the account while it’s open.
To learn more about the rewards landscape, WalletHub conducted a nationally representative survey of consumers. We asked about everything from people’s biggest issues and preferences when it comes to credit card rewards to whether people believe rewards are ultimately worth the hassle. You can check out the complete findings of the survey in the following infographic, along with commentary from a panel of experts.
Full Details Overall
|What are the best kind of credit card rewards?|
|Which type of purchase do you most want bonus rewards on?|
|Department store purchases||6%|
|Would you rather get a flat rewards rate on all purchases or a higher rewards rate on some categories?|
|Flat rate on all purchases||58%|
|Higher rewards in some categories||42%|
|Are credit card rewards programs easy to use?|
|Are credit card rewards worth the hassle?|
|What is your stance on credit cards with annual fees?|
|Never apply for them||52%|
|Apply only if the rewards are worth the fee||39%|
|Only apply when no other cards are available||9%|
|Would you apply for a credit card just for a sign-up bonus?|
|Do you go out of your way to spend money with companies that give you extra credit card rewards?|
|Would you use multiple rewards credit cards in order to maximize your total rewards earnings?|
|Has COVID-19 changed the way you view credit card rewards?|
Note: Percentages may not total 100% due to rounding.
For additional insight on the credit card rewards, WalletHub turned to a panel of experts. Click on the pictures of the experts below to see their bios and responses to the following key questions:
- Why do you think 28% of Americans now say that COVID-19 changed the way they view credit card rewards?
- Does it make sense to you that low-income households are 3x more likely to think that credit card rewards are not worth the hassle?
- Are you surprised that 76% of people think cash back is the best kind of credit card reward?
- The majority of people say they would never apply for a credit card with annual fees; are they making a mistake?
- What advice do you have for the 1 in 4 people who think that credit card rewards programs are hard to use?