SAN FRANCISCO—A “very significant” number of Americans are using their credit card rewards to help offset the costs of everyday purchases as rising inflation creates concerns, a new study reveals.
The report from Wells Fargo surveyed more than 1,500 adults in the U.S. and found that 92% of respondents were concerned about rising inflation (59% very concerned, 33% somewhat concerned), ChesCo.com stated in its analysis.
In addition, nearly half of rewards cardholders (49%) said they were using their rewards to help pay for items such as groceries and gas.
According to the survey, almost three-quarters (71%) of Americans have a rewards card, and 45% of rewards cardholders say their credit card usage increased during the pandemic.
Moreover, two-thirds of rewards cardholders say they care about credit card rewards now more than ever, ChesCo.com said.
‘Significance of Inflation’
“The survey data underscores the significance of rising inflation and supply chain issues, and how American consumers have been affected in so many ways—not only their summer vacation plans but also with everyday purchases,” said Krista Phillips, EVP, head of branded cards and marketing for Wells Fargo Credit Cards.
The national online survey of 2,008 adults was conducted by Ipsos on behalf of Wells Fargo on June 27-28, 2022.
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