According to a new Bankrate.com report, nearly one in three rewards cardholders (31 percent) did not redeem any rewards in 2020. However, 46 percent of rewards cardholders who did redeem rewards did so for rewards of a substantial value, including $300-plus in cash back/gift cards (30 percent), a free hotel stay (15 percent) or a free flight (11 percent).
Many rewards cardholders are also leaving money on the table by not using cards for common purchases like gas, groceries, restaurants and travel. For rewards cardholders who typically pay balances in full monthly, only 51 percent prefer to pay for groceries with credit, and just 59 percent buy gas with credit. The percentage is 56 for those who spend money at restaurants.
“As long as you’re avoiding interest, using credit can pay you back for all of your purchases big and small,” said Ted Rossman, credit card analyst, Bankrate.com. “Many credit card issuers leaned hard into groceries, food delivery, streaming services and other everyday categories in 2020, so it is easier than ever to earn and burn rewards for routine expenses.”
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FX Excursions
FX Excursions offers the chance for once-in-a-lifetime experiences in destinations around the world.
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