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.
Key Stats
- More than 1 in 4 people say inflation has made them more interested in earning credit card rewards.
- 61% more Americans want bonus rewards on gas purchases this year compared to 2021.
- 79% of people are most interested in earning cash back rewards, topping rewards points and miles by a wide margin.
- 57% of people go out of their way to spend money with companies that give them extra credit card rewards.
- Around 2 in 5 Americans are jealous of people who pay for trips with credit card rewards.
- Most people (54%) say they would never apply for a credit card with annual fees.
Full Details Overall
| What are the best kind of credit card rewards? | |
|---|---|
| Cash back | 79% |
| Airline miles | 8% |
| Gas | 8% |
| Hotel points | 5% |
| Which type of purchase do you most want bonus rewards on? | |
| Groceries purchases | 41% |
| Gas purchases | 26% |
| Dining purchases | 14% |
| Entertainment purchases | 8% |
| Travel purchases | 7% |
| Department store purchases | 4% |
| Does inflation make you more or less interested in earning credit card rewards? | |
| More interested | 81% |
| Less interested | 19% |
| Would you use multiple rewards credit cards in order to maximize your total rewards earnings? | |
| Yes | 68% |
| No | 32% |
| Are credit card rewards programs easy to use? | |
| Yes | 80% |
| No | 20% |
| Do you go out of your way to spend money with companies that give you extra credit card rewards? | |
| Yes | 57% |
| No | 43% |
| Are credit card rewards worth the hassle? | |
| Yes | 76% |
| No | 24% |
| What is your stance on credit cards with annual fees? | |
| Never apply for them | 54% |
| Apply only if the rewards are worth the fee | 38% |
| Only apply when no other cards are available | 8% |
| Would you apply for a credit card just for a sign-up bonus? | |
| No | 52% |
| Yes | 48% |
| Are you jealous of people who pay for trips with credit card rewards? | |
| No | 59% |
| Yes | 41% |
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:
Ask the Experts
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:
- What advice do you have for the 41% of people who are jealous of those who are able to pay for travel with credit card rewards?
- Why do you think 19% of people say that inflation makes them less interested in earning credit card rewards?
- Does it make sense to you that low-income households are 2x more likely to think that credit card rewards are not worth the hassle compared to high-income households?
- Are you surprised that 79% of people think cashback 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 5 people who think that credit card rewards programs are hard to use?
Ask the Experts
Executive in Residence and Lecturer, Wealth Management, Silberman College of Business – Fairleigh Dickinson University
Read More
J.D., MBA – Clinical Assistant Professor of Management – Sacred Heart University
Read More
CFP® – Senior Professor of Practice, Personal Financial Planning – University of Houston, Bauer College of Business
Read More
Ph.D. – Professor of Economics, J Stanford Smith Chair – DePauw University
Read More
MPH – Principal Agent – The Agency Agency
Read More
CPA, MBA, CGMA – Adjunct Professor, Accounting – Gwynedd Mercy University
Read More