A new survey (58%) of consumers who have a credit card found they preferred cash back rewards, topping interest in travel rewards, store promotions and introductory interest rates or bonus rewards. Furthermore, the study found 66% would be interested in a credit card that would give an additional bonus on cash back rewards if those rewards were placed into a bank account.
The survey by Ally Bank also asked respondents about missing out on rewards offered by their credit card company. Interestingly, only 36% of consumers with credit cards use their card for daily purchases, often missing out on rewards on purchases like gas and groceries. Another 28% of respondents admitted to losing out on rewards because they expired or were too difficult to cash in.
Additional survey information
Across all age groups, millennials who do use credit cards (78%) were least likely to have lost out on credit card rewards because they expired or it was too difficult to use them. But millennials may be missing out on rewards by simply not using credit cards. Of those millennials surveyed by Ally, 58% said they don’t even own a credit card, compared with 44% of Gen X and 43% of Baby Boomers.
Ally Bank recently introduced the Ally CashBack Credit Card.
The Ally CashBack Credit Card is issued by TD Bank.
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