With many Americans seeking extra credit card rewards to help fight back against inflation, WalletHub released its report on 2024’s Best Credit Card Rewards Programs.
61% already think credit card rewards encourage overspending.
You can find highlights from the report, along with survey results and commentary, below.
Key Findings:
- Incentivized Overspending: 61% of people think credit card rewards encourage overspending.
- Inflated Interest in Rewards: Nearly 4 in 5 people say inflation has made them more interested in earning credit card rewards.
- Unfairly Rewarding: More than 2 in 5 Americans think credit card rewards programs are unfair.
- Inflation Outpaces Rewards: 65% of Americans think their credit card rewards are not keeping up with inflation.
- Opportunistic Bonus Seekers: 35% of Americans apply for a new credit card at least once a year to take advantage of sign-up bonuses.
- Love for Companies with Bonus Rewards: 3 in 5 people go out of their way to spend money with companies that give them extra credit card rewards.
- It Pays Big to Compare Cards: The best rewards credit cards can yield up to $1,120 more than the worst rewards cards over the first two years.
- Best Issuer: Capital One has the best credit card rewards program for the eighth year in a row, earning an average WalletHub score of 92%.
John Kiernan, WalletHub Editor said “The best rewards credit cards can still save you well over $1,000 in just the first two years, if not a whole lot sooner, which could be the difference between a vacation and a staycation this summer. Credit card rewards are also an asset in the fight against inflation, if you choose the right ones. Nearly 4 in 5 people say inflation has made them more interested in earning credit card rewards, according to a new WalletHub survey, yet 65% of people think their credit card rewards are not keeping up with inflation. One of the best ways to make sure your savings are keeping pace is to apply for a card with a big initial bonus. WalletHub’s survey found that 35% of Americans say they apply for a new credit card at least once a year to take advantage of sign-up bonuses.”
