SAN FRANCISCO—American consumers have made major "purges" during the COVID-19 pandemic, according to a new survey.
For example, 72% decluttered closets, 29% purged social media friends and 33% simplified finances, according to Wells Fargo, which conducted the survey.
In addition, the survey also found that when it comes to consumer preferences on cards:
- 44% of consumers want cash-back features on their cards
- 22% want sign on bonuses for cards
- 38% want rewards
Consumers who were surveyed also said they find current credit card reward management tedious, with 18% comparing the process to doing taxes and 14% to being stuck in traffic, ATM Marketplace stated in its analysis.
‘Less is Truly More’
"The pandemic helped many of us realize that less is truly more and encouraged us to remove unnecessary complications from our lives and get back to the basics…," said Krista Phillips, head of branded cards and marketing for Wells Fargo credit cards. "Now more than ever, cardholders want simplicity from their credit cards with no hassle around activating categories, tracking limits, or calculating rewards when managing their card rewards."