Survey commissioned by Electronic Payments Coalition and conducted by Morning Consult shows more than 4 in 5 Americans with credit cards have rewards programs, including 75% of households with incomes less than $50,000

The Electronic Payments Coalition (EPC) today released new polling data from Morning Consult indicating an overwhelming majority of U.S. credit cardholders across all income levels rely on credit card rewards to purchase gifts, host friends and family, and plan travel during the holidays.

Among those with credit cards, 75% of households with incomes less than $50,000 have reward cards and cash back is the most common reward. The new poll found that more than three-quarters of households with incomes less than $50,000 plan to use rewards in some fashion during the holidays and if reward programs were curtailed, more than a third of households with incomes less than $50,000 would curtail travel, holiday gift giving and hosting family and friends.

EPC Executive Chairman Richard Hunt said, “During the holiday season, Americans of all income levels depend on rewards to purchase gifts for and spend time with their friends and families. Changing the way our credit card system operates would seriously jeopardize the reward programs families rely on to help make ends meet and offset record inflation. Vacations might get all the attention when politicians talk about cashing in rewards, but the truth is credit card rewards are used by millions of Americans for the less glamourous but more important trips to be with our loved ones.”

This June, Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS) introduced legislation to enact harmful credit card routing mandates. This legislation would allow mega-stores, rather than customers, to choose the level of payment security used during credit card transactions. If enacted, this legislation would result in a reduction of funding for rewards programs and likely result in the elimination of many credit card rewards programs.

Copied below are the topline summaries of the Morning Consult Polling conducted November 6-9, 2023:

MOST AMERICAN ADULTS CURRENTLY HAVE A CREDIT CARD WITH A REWARDS PROGRAM

• Among those who have a credit card, 84% have a card that offers a rewards program; 75% among those whose household income is less than $50K.

• Cash back is the most common reward. 66% of cardholders have a card that offers cash back.

USING CASH BACK TO PURCHASE GIFTS IS POPULAR THIS HOLIDAY SEASON

• Half of Americans who have a credit card with rewards plan to use their cash back to purchase gifts this year.

• 79% plan to use their rewards in some way (gifts, travel, accumulate rewards) this holiday season. ∙ Among all income groups, using cash back to purchase gifts is most popular (50-52%).

• Among those whose household income is less than $50K, 76% plan to use their credit card rewards this holiday season.

THE ELIMINATION OF REWARDS COULD HURT HOLIDAY SPENDING, ESPECIALLY TRAVEL

• 29% of adults with credit card rewards say they would travel less this holiday season if they didn’t have credit card rewards. 26% and 24% respectively would purchase gifts and host friends and family less often this holiday season if they didn’t have credit card rewards.

• Among those whose household income is less than $50k, 34% would travel less, 30% would purchase gifts less, and 27% would host friends or family less if they didn't have credit card rewards this holiday season.