In order to enjoy the numerous benefits of credit card rewards, you must be able to understand how they work, and how to redeem your rewards, or you won’t get anything out of having even the most amazing credit card.
The Capital One Rewards Card Outlook survey aimed to figure out how folks are using credit card rewards, and whether they used their credit cards to their full potential over the past year. One of the most interesting findings was that when it comes to credit card rewards, people are the most frustrated with the process of redeeming travel rewards.
Travel rewards are tricky
Almost half of those surveyed said they found travel rewards very difficult to use, and harder than they should be to understand. Forty-eight percent of cardholders who participated in the survey said they had experienced difficulty booking a flight with frequent flyer miles. Because of this, 51% of cardholders said they tend to avoid miles rewards cards.
One thing is certain: travel rewards are popular, even if cardholders do find them confusing to redeem. This might be because travel rewards credit cards tend to offer the best value rewards – for example, you can actually earn a free round-trip flight, or a stay in a hotel, rather than just getting cash back or redeeming points for a gift card.
Most people are satisfied with their credit card rewards, despite difficulties
Still, more than two-thirds of folks said they do think they are taking advantage of all the rewards their card offers, and three-fourths said they feel like they are saving money because of their credit cards. Seventy percent of respondents said they loved their credit card, and 80% said they’d had their card for a substantial period of time and felt attached to it.
The Capital One Rewards Card Outlook survey was administered online via a nationwide consumer panel. One thousand people with cash back or travel rewards credit cards participated in the survey.
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