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31% of Rewards Cardholders Didn’t Redeem Any Points, Miles, or Stays in 2020

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February 28, 2021
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31% of Rewards Cardholders Didn’t Redeem Any Points, Miles, or Stays in 2020
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NEW YORK – February 22, 2021 – Almost 1 in 3 rewards cardholders (31%) didn’t redeem any rewards in 2020, in accordance with a brand new Bankrate.com report. In the meantime, 46% of rewards cardholders who redeemed rewards prior to now yr did so for one thing of considerable worth, like $300+ in cashback/reward playing cards (30%), a free lodge keep (15%), or a free flight (11%). Click on right here for extra info:

https://www.bankrate.com/finance/credit-cards/preferred-payments-survey/

Whereas 55% of rewards cardholders who redeemed their money again, factors or miles prior to now yr did so for lower than $300 in worth, Bankrate.com bank card analyst Ted Rossman notes that that is free cash that may simply be put in the direction of on a regular basis purchases. “Bank card rewards do not turn into extra beneficial the longer you maintain onto them. I’d encourage all rewards cardholders to concentrate to these rewards balances and redeem them extra typically. The only method may be to use the rewards to your subsequent assertion to assist pay for issues you’re shopping for anyway.”

Apart from sitting on rewards for too lengthy, many rewards cardholders are leaving cash on the desk by merely not utilizing their playing cards for frequent purchases like gasoline, groceries, eating places and journey. Amongst rewards cardholders that sometimes pay their balances in full every month, simply 51% who purchase groceries choose to pay with credit score, 56% who spend cash at eating places sometimes use credit score, and simply 59% who purchase gasoline often pay with credit score. Credit score is extra frequent for journey (83% who purchase airplane tickets often pay with credit score and 79% who keep at resorts often put the costs on a bank card).

“So long as you’re avoiding curiosity, utilizing credit score will pay you again for your whole purchases large and small,” provides Rossman. “Many bank card issuers leaned arduous into groceries, meals supply, streaming companies and different on a regular basis classes in 2020, so it’s simpler than ever to earn and burn rewards for routine bills.”

As an example, if a client have been to have a profitable no annual price card reminiscent of Uncover it Miles (1.5 miles on all purchases, which is doubled on the finish of a brand new cardholder’s first yr and might yield an efficient 3% money again), Citi Double Money (1% money again whenever you make a purchase order and one other 1% whenever you pay it off) or the Wells Fargo Propel American Categorical Card (3% money again on eating, gasoline, journey and choose streaming companies and 1% on every thing else), they might earn a whole lot of {dollars} in rewards. If their gasoline, grocery, restaurant and journey spending matched the newest nationwide averages from the Bureau of Labor Statistics, they might earn $360 yearly with Uncover it Miles, $267 with Wells Fargo Propel, and $240 with Citi Double Money. Different spending might increase these totals considerably. The Propel card additionally provides a 20,000-point welcome bonus value $200 after new cardholders spend $1,000 of their first three months.

Total, 59% of U.S. adults have at the very least one rewards bank card, together with 36% of Gen Zers (ages 18-24), 57% of millennials (ages 25-40), 56% of Gen Xers (ages 41-56) and 69% of child boomers (ages 57-75). Roughly two-thirds (66%) of those rewards cardholders sometimes pay their balances in full every month, which Rossman says is much more vital since rewards playing cards have a tendency to hold larger rates of interest.

Bankrate.com commissioned YouGov Plc to conduct the survey. All figures, until in any other case said, are from YouGov Plc. The overall pattern measurement was 2,449 adults, together with 1,437 who’ve at the very least one rewards bank card. Fieldwork was undertaken January 6 – 8, 2021. The survey was carried out on-line and meets rigorous high quality requirements. It employed a nonprobability-based pattern utilizing each quotas upfront throughout assortment after which a weighting scheme on the again finish designed and confirmed to offer nationally consultant outcomes.


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