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.
Read Also Related News
Mobile payments are gaining momentum, and that’s being demonstrated by the success of Visa Checkout, the online payment option for folks with a Visa card and a mobile device, desktop, or laptop computer. More than 20 million people have...
Everyone always vows to save more money, especially around the new year, when resolutions are at a fever pitch. But in fact, statistics show that 90% of all households save less than 2% of their disposable income. In order to encourage...
Cash back credit cards are the best and easiest way to get free money—by spending on things you’d buy anyway, you get money back. It’s like an excuse to shop. Now there’s a new cash back card that rewards people for buying...
I need a credit card with a 0% APR to consolidate several of my credit cards into one payment. Please advise what card I can apply.
There are special credit cards that allow consolidation of other cards’ debts - the balance transfer credit cards. These cards usually come with a 0% intro APR on balance transfer offer. The zero introductory period varies, but as a rule it is between six months and two years. So you can find a credit card with...
The easiest way to find out if you have credit accounts under your name is to request a copy of all your three credit reports: Experian, Equifax, and TransUnion. The reports contain information about active credit accounts, its issuers, and the information about credit accounts balances. If you want to protect yourself...
To set a PIN on your credit card, you should call the credit card issuer at the number on the back of your credit card and request your PIN. After that, the issuer will mail to you your PIN. In the meantime, if you need cash, you can go to a bank office and present your credit card and picture ID.
The overall process of getting a credit card can take up to 30 business days. To know the status of your credit card applications you should contact the credit card issuer. A quick online search for the bank or credit card issuer's name should turn up a customer service phone number or email address. Banks and credit card...