Which credit card perks save Americans the most?

Some 85 million Americans report they earn money or save using cashback rewards.

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There’s nothing quite like getting something for nothing. While credit cards don’t quite fit that bill — what with the spending required to get rewards and the annual fee you might pay — they’re pretty close. This may explain why just over half (50.48%) of American adults have a rewards card, according to the latest research from Finder.

Boomers love their rewards cards

Of the generations, rewards cards are most popular among baby boomers, with 61.32% of all boomers saying they own one. This equates to roughly 54.9 million adults.

Following boomers is Gen X at 47% (about 41.7 million adults) and millennials at 41.7% (31.6 million).

Men are almost 10 percentage points more likely to say that they own a rewards credit card than women, with 55.33% owning a rewards card versus 45.74% of women.

What perks do Americans use most?

What better perk can you get for spending money than getting some of that money back? This may explain why nearly three-quarters (66.9%) of those surveyed said they’d earned money or saved using cashback rewards in the last 12 months, and 51.9% say they earned rewards points.

The next most commonly used perk was travel or flight credits (21.7%).

Which rewards do you get the most value from?

While rewards are the most commonly used perk of a credit card, many credit cards come with less used perks, which add to the value of the card.

For example, those surveyed report an average savings of $8,710.42 per person thanks to fraud protection services that safeguard cardmembers against unauthorized or incorrect charges. Access to airport lounges represents another $7,552.06 per person, followed by elite status at $6,191.48

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Allan Givens
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Nicole Gallina
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