Americans Save An Average $757 Per Year By Using Credit Card Rewards, According to a Survey Commissioned by Slickdeals
Friday, September 24, 2021
Poll Shows 74% Use Their Credit Card Enough to Meet the Minimum Spend Requirement for Reward Benefits and Points
LOS ANGELES, Sept. 23, 2021 /PRNewswire/ -- Americans save an average $757 per year by using credit card rewards, according to a new survey commissioned by Slickdeals, the only shopping platform powered by millions of real shoppers.
In order to maximize benefits, respondents reported spending an average of six hours researching a single credit card prior to applying. Three in four (74%) Americans use their credit card enough to hit the minimum spend requirement to receive reward benefits and points.
Commissioned by Slickdeals and conducted by OnePoll, the survey of 2,000 Americans found that over half (53%) of respondents experienced things for the first time ever because of a reward from their credit card. These first-time experiences include fancy meals (54%), concerts (49%), and $100 gift cards (46%).
In fact, 55% of cardholders have used rewards to almost entirely pay for a vacation, including cashing in on airline points for five-hour flights on average.
According to Louie Patterson, Senior Personal Finance Editor for Slickdeals, "Credit cards aren't just another way to pay for your purchases. If you choose the right rewards cards and you're strategic about how you use them, you can earn tremendous benefits such as free flights, hotel stays or even cashback."
Forty-eight percent of respondents said they have applied for a credit card within the last year. Some motivators to get one included wanting to take advantage of the rewards program (61%), wanting lower interest rates (50%) and having less cash on hand (46%).
Several things go into consideration when looking for the right card: 86% pay special attention to annual fees when signing up for a credit card, and 78% will even weigh the benefits of their credit card against the annual fee.
Three in four people said they're more likely to shop from a certain brand if they get better credit card rewards from shopping there.
"Once you've done the research on the right rewards card for you, there are a number of ways to maximize the benefits. Make sure you pay off the balance in full, look for opportunities to pay with your card for monthly fees such as insurance, cable and cell phone bills, and be on the lookout for opportunities to earn bonus points, which may be awarded for specific types of purchases," Patterson added. "Our personal finance editorial team, along with our community of users, is always scouting out the best cards and tips to ensure savvy shoppers can reap the rewards."
WHAT KINDS OF CREDIT CARDS DO AMERICANS USE?
1.
Rewards-based cards 34%
2.
Bank-affiliated cards 27%
3.
Retail store cards 25%
4.
Airline cards 15%
WHAT DO AMERICANS USE CREDIT CARDS FOR?
1.
Everyday purchases 52%
2.
Large purchases 52%
3.
Travel 47%
4.
Restaurant dining 45%
5.
Vacations 43%
To learn more about the survey, visit here.
About Slickdeals
Slickdeals is the only shopping platform powered by millions of real shoppers, where 12 million users interact to share the most up-to-date information on online shopping deals and coupons. Through the power of crowdsourcing, Slickdeals has saved its users over $8.7 billion by providing a forum for communication; as well as shopping tools such as its free Android or iOS app and its browser extension for Chrome, Firefox and Edge. Slickdeals consistently ranks in the Top 100 most visited sites in the U.S. per Alexa.
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SOURCE Slickdeals
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