New Study: Americans Lean Into Credit Card Rewards to Offset Rising Costs – Including Travel

Americans are leaning into their credit card rewards to help offset rising costs (Graphic:
Almost three quarters (
“The survey data underscores the significance of rising inflation and supply chain issues, and how American consumers have been affected in so many ways—not only their summer vacation plans but also with everyday purchases,” said
The national online survey of 2,008 adults was conducted by Ipsos on behalf of
Love-hate relationship with travel
The study revealed that Americans are planning vacations, although over half (
Americans are mostly vacationing by car. Two-thirds (
“Our customers tend to focus on rewards as a top credit card preference, and that’s one reason we’re expanding our consumer portfolio to include more competitive rewards offerings – like the new Autograph Card,” Phillips said. “It starts with listening to our customers to develop products that align with their lifestyles, and right now many are looking for ways to make the most of their everyday purchases. There is a big opportunity for savvy cardholders to earn rewards on purchases they are already making by using a card like Autograph, which offers unlimited 3X rewards points on top spending categories including at gas stations – a great incentive amid the current gas prices.”
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Planned a vacation in the past six months |
Planning a vacation in the next six months |
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Automobile vacation (Road trip) |
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Airline vacation |
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Staycation (Vacation close to home) |
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International vacation |
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Boat/Cruise vacation |
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None of the above |
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Still, for many, high gas prices and inflation are cramping travel plans. A third (
Credit Card Rewards Redemption
Even though people report using their credit card rewards to offset the cost of everyday purchases, the study found that many do not take full advantage of their card benefits.
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Only half (
53% ) of rewards cardholders say they focus on high-value categories when they use their credit card. - Thirty-eight percent of rewards cardholders have not cashed in their credit card rewards or offers this year.
- Thirteen percent of rewards cardholders say they don’t really understand how their credit card rewards program works.
“It’s important for consumers to fully understand all of the benefits their rewards card offers in order to make the most of their purchases and to help defray some of the cost of rising inflation,” added Phillips.
After groceries, the top things rewards cardholders use their credit card for is gas, restaurants, and travel/transit.
Rewards card owner (n = 1,273) |
Top Three Choices |
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Groceries |
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Gas |
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Restaurants and eating out |
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Travel and transit |
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Emergencies |
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Entertainment |
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Home improvement |
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Health, fitness, and beauty purchases |
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Phone service |
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Streaming services |
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About the study
These are the findings of an Ipsos poll conducted between
About
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Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo
News Release Category: WF-ERS
View source version on businesswire.com: https://www.businesswire.com/news/home/20220802005244/en/
Sarah.dubois@wellsfargo.com
helen.k.bow@wellsfargo.com
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