What Consumers Want In A Credit Card

When applying for credit cards, many consumers look for one thing above all other perks

Shaun Plum
MoneyTips Contributor

Borrowing Credit Cards

What Consumers Want In A Credit Card
July 27, 2016

Credit card companies offer many perks in an attempt to get consumers to sign up for their card. Potential borrowers tend to look for one perk over the others: a strong rewards program.

According to a study released by Citi Cards, 67 percent of credit card users selected their current card because of the rewards program it offered. A good rewards program ranked above low interest rates (54 percent) and significantly above sign-up bonuses (28 percent).

Of the survey's respondents, about 86 percent said that they actively use their credit card rewards program, redeeming the points they earn for several different items. Most (67 percent) redeem their points for groceries and other common items, while 47 percent choose to cash in their points for money. More popular rewards that cardholders redeem their points for include gift cards (37 percent), statement credits (24 percent), and airline tickets or other travel options (23 percent).

Consumers looking for a new credit card should weigh up the different options and select the card that provides the best rewards for them. Those who sign up for a card offering rewards for groceries but who travel often may find that they don't make use of their rewards as much as they otherwise might.

If you want more credit, check out MoneyTips' list of credit card offers.

Photo ŠiStockphoto.com/alexsl

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