Survey: 83% of Consumers Select Credit Cards Based on Perks, But Few Cardholders Use Them

Credit cards have long been regarded as useful tools for consumers. They allow access to an instant line of credit, build up your credit score, and protect against fraud and unauthorized purchases. 

Aside from these general advantages of using a credit card, many credit card companies incentivize consumers to apply by offering perks and deals for prospective cardholders. Additional perks such as cash back rewards, price protection, travel discounts, and more are just another reason owning a credit card is widely recommended. 

With the holiday season in full swing, consumers can use credit card perks to save on gifts, travel, and even necessities. But to use these perks, consumers need to be aware they exist. 

We recently commissioned a survey of American credit card users to uncover how many consumers are aware of the credit card perks available to them, and if so, whether they plan to use these perks to save on holiday spending. Due to an increase in retail spending surrounding the holidays, we also gauged whether consumers saw store-specific credit cards as useful for saving.

The results indicate that consumers pay close attention to their credit card perks, especially when choosing which new credit card to open. However, not all credit card users utilize the credit card perks available to them. 

Our survey found that about 73% of credit card users carefully monitor the credit card perks available to them. Examples of these credit card perks consumers are interested in include: 

• Travel insurance 
• Price protection 
• Extended warranty 
• Cash back rewards 
• Lounge access at airports 
• Rental car insurance 
• Hotel discounts 
• Free food delivery 
• Foreign transaction fee waiver 
• Roadside assistance 
• Cellphone protection 

Cash back, travel and hospitality perks, purchase protection, and discounts have become the most popular incentives for consumers. More than 75% of respondents cited cash back as the top perk. The second most sought-after perks are hospitality-related, such as hotel discounts and upgrades, at 71%. 

When it comes to choosing a new credit card, 83% of consumers say they base their final decision on the credit card perks offered. 

Despite consumers prioritizing credit card perks for current and new credit cards, besides cash back, respondents do not consistently take advantage of their credit card perks. Although hospitality-related perks are the second most sought-after reward, only 33% of survey participants said they actually use them. 

As the outlier, 73% of respondents said they regularly use their cash back rewards.

“Shopping and travel are major financial markers of the holiday season. With consumers prioritizing spending, it’s important to educate them on how they can prioritize smart spending by using the credit card perks and discounts available to them,” said Erica Sandberg, a consumer finance expert with CardRates.com.

This survey shows that while credit card perks are a priority, using them could be improved. It also shows that consumers are missing out on additional opportunities to save big with store-specific credit cards, as only 35% of respondents said they had opened a store-specific credit card for holiday shopping. 

However, 47% of respondents indicated they would be motivated to open a store card with better ongoing rewards and points, as opposed to a one-time discount on the initial purchase, exclusive discounts throughout the year, or special financing options. 

Looking forward, 62% of consumers say better communication and/or notifications about perks would encourage them to use their credit card perks more frequently. This allows credit card providers to adapt to consumer needs by providing better educational tools and increasing communication with their customers. 

As consumers continue their holiday shopping, this survey reminds credit card users to explore and benefit from the credit card perks available to them. There are more opportunities for consumers to save while spending big this holiday season. 

In November 2024, we surveyed 500 American individuals about credit card perk utilization in anticipation of holiday spending. The respondents ranged from ages 18 to 65+, with an average age range of 36 to 45. Participants were 56% women, 43% men, and 0.50% chose not to disclose.