GITNUX MARKETDATA REPORT 2024

Credit Card Benefits Industry Statistics

The credit card benefits industry is experiencing steady growth with an increasing number of consumers utilizing perks such as cashback rewards, travel insurance, and purchase protection.

With sources from: experian.com, wallethub.com, creditcards.com, federalreserve.gov and many more

Statistic 1

Nearly 83% of U.S. consumers own at least one credit card.

Statistic 2

Credit card purchase volume was $4.1 trillion in 2019.

Statistic 3

Around 79% of credit card users say that they reward points are the most attractive feature of their credit card.

Statistic 4

Over 92% of consumers spent their reward points on travel-related purchases.

Statistic 5

58% of consumers say they prefer cash back rewards over other types of credit card benefits.

Statistic 6

More than 70% of consumers would consider switching their credit card for better benefits.

Statistic 7

62% of Millennials are willing to switch their primary credit card for better benefits.

Statistic 8

Credit card companies spent nearly $23 billion on rewards in 2019.

Statistic 9

78% of consumers redeem credit card benefits at least once a year.

Statistic 10

53% of credit card users say rewards are a major factor in their spending habits.

Statistic 11

More than 35% of credit card holders have never redeemed their rewards.

Statistic 12

49% of consumers prefer credit cards that offer flexible benefits.

Statistic 13

Travel rewards account for approx. $22 billion in annual credit card spending.

Statistic 14

40% of credit card holders do not understand their card's benefits.

Statistic 15

The use of credit cards has surged almost 50% due to benefits and rewards.

Statistic 16

The average American holds around 4 credit cards.

Statistic 17

Over 61% of credit cards offer travel incident coverage as a benefit.

Statistic 18

About 81% of credit cards offer auto rental collision coverage as a benefit.

Statistic 19

About 26% of credit cards offer price protection as a benefit.

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In this post, we explore the fascinating world of credit card benefits and the significant impact they have on consumer behavior and spending habits. With statistics revealing the widespread ownership of credit cards, the staggering purchase volume, and the various preferences and tendencies of consumers when it comes to utilizing credit card rewards, we uncover key insights into this thriving industry. Join us as we delve into the world of credit card benefits and the statistics that shape it.

Statistic 1

"Nearly 83% of U.S. consumers own at least one credit card."

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Statistic 2

"Credit card purchase volume was $4.1 trillion in 2019."

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Statistic 3

"Around 79% of credit card users say that they reward points are the most attractive feature of their credit card."

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Statistic 4

"Over 92% of consumers spent their reward points on travel-related purchases."

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Statistic 5

"58% of consumers say they prefer cash back rewards over other types of credit card benefits."

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Statistic 6

"More than 70% of consumers would consider switching their credit card for better benefits."

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Statistic 7

"62% of Millennials are willing to switch their primary credit card for better benefits."

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Statistic 8

"Credit card companies spent nearly $23 billion on rewards in 2019."

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Statistic 9

"78% of consumers redeem credit card benefits at least once a year."

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Statistic 10

"53% of credit card users say rewards are a major factor in their spending habits."

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Statistic 11

"More than 35% of credit card holders have never redeemed their rewards."

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Statistic 12

"49% of consumers prefer credit cards that offer flexible benefits."

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Statistic 13

"Travel rewards account for approx. $22 billion in annual credit card spending."

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Statistic 14

"40% of credit card holders do not understand their card's benefits."

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Statistic 15

"The use of credit cards has surged almost 50% due to benefits and rewards."

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Statistic 16

"The average American holds around 4 credit cards."

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Statistic 17

"Over 61% of credit cards offer travel incident coverage as a benefit."

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Statistic 18

"About 81% of credit cards offer auto rental collision coverage as a benefit."

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Statistic 19

"About 26% of credit cards offer price protection as a benefit."

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Interpretation

Overall, the statistics paint a clear picture of the significant role credit card benefits play in the financial landscape of the United States. The data suggests a strong reliance on credit cards, with the majority of consumers owning at least one card and actively engaging with rewards programs. Travel-related rewards are particularly popular, driving a substantial portion of credit card spending. However, there is also a notable preference for cash back rewards and a desire for more flexible benefits among consumers. While many consumers take advantage of credit card benefits, there is still a concerning proportion that do not fully understand or utilize the perks offered by their cards. With a growing emphasis on benefits and rewards influencing consumers' choices in credit cards, it is evident that credit card companies need to continue innovating and educating consumers to meet their evolving needs and preferences.

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