Legal Disclaimer Advertiser Disclosure

The No. 1 Thing Most People Look for in a Credit Card

Published
July 17, 2018
Brooke Niemeyer

Brooke Niemeyer is the former Deputy Managing Editor – Syndication for Credit.com. She writes about a variety of personal finance topics, with work featured on ABC, CBS, TIME, The Huffington Post, MSN, FOX Business, Business Insider, Yahoo Finance and other publications. She has a Master’s degree in Journalism from New York University and was a reporter for NBC before joining the Credit.com team. You can follow her at @RNYBrooke.

Whether you’re considering your first credit card or looking to add more plastic to your wallet, choosing one comes down to deciding what type of card is most important to you. According to the 2016 Citi Cards Consumer Perspectives Study, it’s all about perks.

Wanted: A Reward Program

The Citi study reported that about 67% of those polled deem having a rewards program as an influence on their decision to choose a new credit card. This makes having a rewards program of some kind the most important factor among most participants, beating out the influence of interest rates (54%) and a sign-on bonus (28%).

And 86% of those who took the survey say they take full advantage of their credit card rewards, redeeming them an average of three times each year. These redemptions most often (67%) go toward everyday items like groceries, followed by cash (47%), gift cards (37%), statement credits (24%) and travel (23%). Beyond that, almost 40% of respondents placed an importance on rewards cards having nontraditional experiential perks, such as entertainment access and benefits.

Methodology

Wakefield Research conducted an online survey of 1,500 adults in the U.S. for the 2016 Citi Cards Consumer Perspectives Study. The survey was conducted from April 20 to April 27, 2016, and has a margin of error of plus or minus 2.5 percentage points at the 95% confidence level.

Choosing Your Credit Card

If you decide having a credit card that offers rewards is most important to you, there are several things you should consider before applying. For starters, rewards credit cards are generally best-suited to people who don’t carry a balance. Otherwise, your point, miles and other perks will just be lost to interest. And, beyond that, which particular card is right for you will vary, depending on your spending habits.

Remember, it’s a good idea to check your credit before you apply for any new credit card. Knowing where your credit stands will help you have an understanding of what sort of terms and conditions you may qualify for. You can view two of your credit scores for free, updated every 14 days, on Credit.com.

Image: Dangubic

Share
Published by

You Might Also Like

Wondering if it's time to add another credit card to your wallet?... Read More

April 9, 2024

Credit Cards

There’s nothing fun about declaring bankruptcy, but those w... Read More

October 21, 2020

Credit Cards

[UPDATE: Some offers mentioned below have expired and/or are... Read More

August 3, 2020

Credit Cards