NEW YORK, June 11, 2015 /PRNewswire/ -- If credit card issuers stopped offering rewards, most American credit cardholders wouldn't change their spending habits, according to a new Bankrate.com (NYSE: RATE) report.
Some European issuers have begun eliminating the points, frequent-flier miles, cash back and other rewards associated with their credit cards due to recent regulatory changes. If the same thing happened in the U.S., 51% of American credit cardholders say they would keep using the card the same way they did previously. 26% would use the card less often and 19% would stop using it entirely.
The single biggest reason Americans use credit cards is because they are easier and more convenient than paying with cash (40% of respondents gave that answer). Financing emergency expenses was a distant second at 19%, and earning rewards ranked third with 14% of the vote.
Only one in nine U.S. credit cardholders are "very" or "somewhat" likely to let their credit card issuer share information about them with outside parties, such as merchants and marketers, in exchange for more rewards points. 72% are "not at all" likely to allow this practice.
"Credit cards offer a lot of purchasing power, but you have to find one with terms and conditions that are right for your lifestyle," said Jeanine Skowronski, Bankrate.com's credit card analyst. "Big spenders who don't carry a balance should definitely consider rewards when determining which cards are in – or at the top of – their wallets. When issuers change things up on you, ask if they have a different product you can switch to, or comparison-shop for a more cost-effective option."
The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:
http://www.bankrate.com/finance/consumer-index/money-pulse-0615.aspx
About Bankrate, Inc.
Bankrate is a leading publisher, aggregator, and distributor of personal finance content on the Internet. Bankrate provides consumers with proprietary, fully researched, comprehensive, independent and objective personal finance editorial content across multiple vertical categories including mortgages, deposits, insurance, credit cards, and other categories, such as retirement, automobile loans, and taxes. The Bankrate network includes Bankrate.com, CreditCards.com, InsuranceQuotes.com and Caring.com, our flagship websites, and other owned and operated personal finance websites, including Interest.com, Bankaholic.com, Mortgage-calc.com, CreditCardGuide.com, CarInsuranceQuotes.com, Insweb.com, CreditCards.ca, and NetQuote.com. Bankrate aggregates rate information from over 4,800 institutions on more than 300 financial products. With coverage of over 600 local markets, Bankrate generates rate tables in all 50 U.S. states. Bankrate develops and provides web services to over 100 co-branded websites with online partners, including some of the most trusted and frequently visited personal finance sites on the Internet such as Yahoo!, AOL, CNBC, and Bloomberg. In addition, Bankrate licenses editorial content to over 500 newspapers on a daily basis including The Wall Street Journal, USA Today, The New York Times, The Los Angeles Times, and The Boston Globe.
For more information:
Kayleen Yates
Senior Director, Corporate Communications
[email protected]
(917) 368-8677
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SOURCE Bankrate, Inc.
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