Thursday, February 2, 2023

Poll: Consumers value rewards programs when choosing banks

Nearly one in four respondents said in a recent survey they would switch or have switched banks because another bank offered a cashback or rewards program, or offered a better version of a rewards program than their current bank.

Rewards program platform provider Wildfire Systems commissioned a survey of more than 1,000 U.S. consumers on their attitudes toward cashback and shopping rewards programs. Eighty percent of respondents said a cashback rewards program was an important feature when choosing a bank or investment account, with 78% saying they preferred cashback as the reward type.

Sixty-three percent of respondents expect to earn shopping rewards from their credit cards and 35% from their debit cards, according to the survey. Eighty-one percent were more likely to make a purchase when offered a reward, increasing their use of their credit and debit cards. Higher-income households also valued rewards, with 82% of respondents with a household income over $100,000 saying they seek them out.