But consumers are not confused about what they prefer, according to a new study from Ally Bank. Given the choice, they want cold hard cash.
More than half of credit card holders polled (58%) said that cash back rewards are their top preference. The other choices – travel rewards, store promotions, bonus rewards, and limited-time-only zero or low-interest periods – all took a backseat to getting a check in the mail, or being able to apply a cash back reward to a statement as a credit. And beyond just cash back, 66% of folks surveyed said they’d sign up for a credit card that gave them an extra bonus on their cash back as a reward for putting the money into a bank account.
Finding out what people like
Ally Bank did the study as part of its introduction to the new Ally Cashback Credit Card. They were curious to know how people use their credit cards, if they are satisfied with their rewards programs, and what they’d like to see in the future.
Eighty percent of respondents said they’d like to have more than one financial product, such as a credit card, a bank account, and a loan, at the same bank if they could – and if they would earn more cash back for doing so.
Redeeming rewards is key
They also found that only 36% of people with credit cards use their cards for their everyday shopping needs, such as groceries and gas. By not pulling out their card at the register on those shopping trips, they are missing out on cash back opportunities. Another 28% of people said they know they’re not getting the most out of their rewards credit card, because redeeming the rewards is not easy or convenient enough.
The survey was conducted using a sample of just over 1,000 adults living in the United States during May 2016. Of the respondents, 589 had a major credit card in their name and were eligible to participate in the poll.
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