Gen Zers (28 percent) and millennials (26 percent) were more likely to get a free hotel stay for their rewards compared to Gen Xers (12 percent) and boomers (7 percent). The travel category appealed most to young adults, while cash back and gift card redemptions were universally popular across generations (with more than 50 percent of each cohort going for this option). Travel redemptions were also popular, with 16 percent of rewards credit card holders cashing in their rewards for a free hotel stay and 13 percent for a free flight. Seventeen percent of respondents earned $300 or more in cash back or gift cards, while 38 percent got some value, but it was less than $300. Cash back and gift cards hold universal appealĬash back and gift cards were the most popular redemption categories with cardholders who did make use of their rewards, with 55 percent of respondents choosing those options. And only 12 percent of those with income of $100,000 or higher left their rewards unused. In comparison, 22 percent of those with incomes between $50,000 and $79,999 and 20 percent of those in the $80,000 to $99,999 range failed to make use of their rewards. Those with annual household incomes of less than $50,000 (31 percent) were most likely to not have tapped into their credit card rewards.

Interestingly, more women (27 percent) than men (20 percent) failed to make use of their credit card rewards.īreaking it down by income, lower-income households were more likely to have left their rewards unused. Younger people are more likely to have made use of their rewards, with just 15 percent of millennials and 18 percent of Generation Z not having tapped into them, compared to 28 percent of Generation X and baby boomers, respectively. The results may not be comparable, though, considering the 2021 survey covered an unusual pandemic-influenced 12-month period in 2020. However, there’s been an improvement compared to the 31 percent of survey respondents who hadn’t taken advantage of their rewards, according to a similar Bankrate survey from January 2021. Yet, a recent survey finds a solid number of credit card holders (23 percent) didn’t redeem their rewards in the past year. Most people would probably say the thrill of credit card rewards comes from redeeming their rewards rather than the process of earning them.

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