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