With the busy summer travel season right around the corner and many Americans seeking extra credit card rewards to help fight back against inflation, WalletHub today released its report on 2023’s Best Credit Card Rewards Programs, along with a nationally representative consumer survey gauging people’s opinions on all things rewards.
Please find key takeaways below, along with commentary from WalletHub experts.
- Rewards Lag Inflation: Nearly 2 in 3 people say their credit card rewards are not keeping up with inflation.
- Inflated Interest in Rewards: More than 4 in 5 people say inflation has made them more interested in earning credit card rewards.
- Grocery Bonus Rewards: 47% of Americans want bonus rewards on grocery purchases more than other expenses.
- Multiple Cards Maximize Rewards: More than two-thirds of Americans say they would use multiple rewards credit cards to maximize their total rewards earnings.
- Rewards-Driven Spending Habits: 58% of Americans go out their way to spend money with companies that give them extra credit card rewards.
- Credit Card Rewards Envy: 43% of Americans are jealous of people who pay for trips with credit card rewards.
- It Pays Big to Compare Cards: The best rewards credit cards can yield up to $900 more than the worst rewards cards over the first two years.
- Best Issuer: Capital One has the best credit card rewards program for the seventh year in a row, earning an average WalletHub score of 92%.
See the full list of 2023’s Best Credit Card Rewards Programs and read WalletHub’s commentary below.
Q&A with WalletHub
What is the connection between credit card rewards and inflation?
“Earning credit card rewards effectively gives you a discount on everything you buy, which can be a godsend when prices are inflated, especially since credit card rewards are doled out based on the dollar amount you spend. When you are stretched thin financially, even a small amount of savings can have a major impact on your mood and quality of life, which helps explain why more than 4 in 5 people say inflation has made them more interested in earning credit card rewards, according to a new WalletHub survey,” said Jill Gonzalez, WalletHub analyst.
What advice do you have for people who say their credit card rewards are not keeping up with inflation?
“Nearly 2 in 3 people feel like their credit card rewards are not keeping up with inflation, according to a new WalletHub survey, and they should consider an upgrade. The best rewards credit cards can yield up to $900 more than the worst rewards cards over the first two years, and offers are available with big initial bonuses for meeting an initial spending threshold,” said Jill Gonzalez, WalletHub analyst. “The key is to check your credit score and then compare offers for people in your credit range to find the best collection of rewards for your lifestyle. You might even want to wind up with more than one card at the end of the day. More than two-thirds of Americans say they are willing to use multiple credit cards to maximize their rewards.”
Where are consumers most interested in earning bonus rewards?
“Inflation at the grocery store has been a focal point in recent months, so it’s little surprise that 47% of consumers most want bonus rewards on grocery purchases, according to a new WalletHub survey. Next on the rewards wish list are gas purchases, which 17% of people want bonus rewards on,” said Jill Gonzalez, WalletHub analyst. “Fortunately, there are some really good credit cards for groceries and gas available right now.”
What are the best credit card rewards programs?
“Capital One has the best credit card rewards program in 2023, according to a new WalletHub report, and it’s actually the seventh year in a row that Capital One has occupied the top spot. Some of Capital One’s strengths include offers for people across the credit-score spectrum, consumer-friendly earning policies, and great rewards value per $1 spent,” said Jill Gonzalez, WalletHub analyst. “Synchrony Bank and Chase finished second and third.”
No comments:
Post a Comment