Consumers rely on credit card rewards programs

JACKSON, Tenn. — A new survey shows that consumers are relying on credit card rewards programs to help make ends meet and navigate economic uncertainty.

Whether it’s high inflation or supply chain issues, most American families and small businesses are feeling the squeeze of economic uncertainty.

New polling from Morning Consult shows that consumers are turning to credit card rewards programs to fight back against inflation and reduce the high cost of living.

Managing Editor at The Points Guy and rewards expert, Clint Henderson says that Congress is trying to limit this.

“Congress is considering a measure that would essentially limit the transaction fees that banks can charge to retailers for using credit cards. What that would do is essentially take away the incentive for banks to give rewards to consumers,” Henderson said.

Henderson suggests that people help by speaking to their congressperson.

“We really urge people to reach out to their Congressman and say, ‘Hey. This is a dumb idea. Don’t do this.’ It’s just going to benefit the big corporate retailers like Walmart and Target. It could cause them to cut off rewards for consumers like you and I,” Henderson said.

Rewards credit cards can help whether it’s helping you pay for groceries or gas with pay yourself back, or helping pay for your vacation. These cards can play an important part.

About half of voters and 57% of rewards cardholders say the rise in inflation and the cost of living has made them more interested in earning credit card rewards.

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