Many Americans Reluctant To Switch Credit Card

Credit Cards

NEW YORK—A new survey reveals 53 million Americans have never switched the card they use most often, preventing them from taking advantage of benefits and rewards offered by other cards. 

Another 16-million Americans last switched cards 10 or more years ago, and only 34% of cardholders swapped their most frequently used card within the past three years, reported Forbes, citing a CreditCards.com study. 

“Rewards points or cash back are the benefits that keep American cardholders most loyal to their go-to card,” noted Forbes. 

Among those who favor rewards, more than two-thirds prefer cash back, and 13% of survey respondents prefer rewards structures that provide free travel-related benefits or cash back. 

Only 5% said they prefer airline miles for free flights, and only 2% said their rewards priority is hotel points for free lodging stays, stated Forbes in its analysis.

 

Section: Standard
Word Count: 214
Copyright Holder: CUToday.info
Copyright Year: 2019
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URL: http://www.cutoday.info/Fresh-Today/Many-Americans-Reluctant-To-Switch-Credit-Card