Credit card rewards helping Americans save

05.07.09
By Sarah Beldo

Participating in credit card rewards programs is one behavior that has been helping consumers save more money, according to a new survey by Bank of America.

According to the findings of the poll, 80 percent of Americans say they are currently more conscious of their spending habits, compared to how they felt at the beginning of the year.

The bank also asked people whether they are saving more today than they were in the past, as well as inquiring about the tactics they use to get more for their money.

Among those who say they are saving more, 34 percent report taking advantage of credit card rewards programs, compared to only 27 percent of respondents who are saving less. Retailers' rewards clubs are also popular with 44 percent of savers.

Doing research is another behavior linked to successfully achieving savings goals. Some 75 percent of people who have increased their cash reserves say they are avid comparison shoppers.

Meanwhile, 62 percent seek out advice from others prior to making a purchase. Only 42 percent of people who are saving less say they do so.

Commenting on the survey's findings, Duke University professor Dan Ariely said that consumers are showing increasing interest in achieving their savings goals.

"What we also see is that consumers who are successful at saving are the ones who are taking the time to pause before they shop and leveraging the tools available to help them save," he added.

Although rewards cards can help some people save, most financial experts stress that consumers should research a deal thoroughly and explore all their options before signing up for this type of credit card.

In a recent interview with CNBC, credit expert John Ulzheimer revealed his three favorite airline rewards cards: Delta AmEx SkyMiles, Miles by Discover Card and Capital One No Hassle Miles.

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Poll shows that 80 percent of Americans say they are currently more conscious of their spending habits.