NEW YORK—More consumers are showing interest in their rewards points, according to the 2020 ACI Speedpay Pulse Study, which surveyed more than 3,000 adults nationwide in March and April.
Among consumers who make one-time payments with a credit card, more than two in three do so in order to earn rewards on their spending.
The ACI study shows that this increased to 69% in 2020, compared to 66% in 2019.
Yet, consumers aren’t necessarily interested in the same type of rewards as they were before. Rutger van Faassen, who serves as head of product and market strategy for FBX at Informa Financial Intelligence, points out that travel rewards credit cards have become less interesting since many consumers can’t, or don’t want to, travel right now, Bankrate stated.
“This is part of the reason most new cards that come out this year will feature flexible redemption options instead of airline miles or hotel points. Further, this is the impetus that caused Chase to come out with its ‘Pay Yourself Back’ feature, which lets consumers redeem travel points for better redemption values when shopping at home improvement stores, restaurants and grocery stores,” Bankrate noted.