Illustrating the continued trend of consumer sentiment towards rewards programs, SWACHA’s recent survey of Texas consumers aligns with other surveys that indicate the importance of rewards programs for credit cards, but less enthusiastic interest for debit cards. Most consumers view debit cards as a “must have” access to everyday funds. This makes rewards nice, but not necessary.
According to the survey, 66 percent of consumers reported credit card rewards programs are important to them with 34 percent ranking them very important and 32 percent ranking them somewhat important. Although slightly lower than credit card interest, 21 percent said debit card loyalty programs are very important and 24 percent said they are somewhat important to them when choosing a card.
Not true for credit cards however, where a well-crafted rewards programs can incent higher usage. Better yet, combining the two programs into one allows consumers to build value faster.