Reward cards continue to rise in popularity, ABA report says.
Position | MARKETING NEWS |
AN OVERWHELMING MAJORITY OF CREDIT CARD USERS--83 percent--have rewards programs associated with their cards according to a new ABA survey. This figure is an increase from the 77 percent who said they had rewards programs on at least one of their cards in November of 2012.
"The increased prevalence of rewards cards speaks to their importance among consumers who appreciate being rewarded for their loyalty," says Molly Wilkinson, executive director of ABA's Card Policy Council. "Cardholders find it easy to take advantage of the best deals based on the type of rewards they value the most. The wide variety of rewards programs and the fact that they're user-friendly are just two of the many reasons they are so popular in today's marketplace."
According to the survey, nine in 10 cardholders (93 percent) find their rewards programs easy to understand. A majority (57 percent) said they were "very easy to understand," while 36 percent said they were "somewhat easy to understand."
Cash-back is king
The survey found that cash-back is not only the most common reward (utilized by 51 percent of card holders)--it is also the most appealing to consumers. A majority of cardholders (55 percent) identified cash-back cards as the credit card reward program that appeals to them the most. General points cards that allow points collected to be redeemed for things like gift cards and electronics rank second in cardholder preference (23 percent), followed by...
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