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Insight of the Day: Most Consumers Want Their Credit Card To Provide Rewards For Everyday Purchases Like Groceries And Gas

The landscape of credit card preferences among consumers is shifting, with a growing emphasis on rewards for everyday purchases such as groceries and gas. A recent survey conducted by Forbes Advisor highlights some key trends and preferences in credit card selection:

1. Brand Familiarity: Many respondents (57%) indicated that they are more inclined to choose a credit card from an institution they already bank with. This suggests that brand familiarity plays a significant role in their decision-making process.

2. Cash-Back Cards: Cash-back credit cards are the most popular choice among applicants, with 44% of respondents reporting that the card type they most recently acquired was a cash-back credit card. This indicates a strong preference for earning rewards on everyday spending.

3. Motivation for Card Acquisition: The top reason cited for acquiring a new credit card was "earning rewards on daily purchases," with 33% of respondents listing this as their primary motivation. This underscores the importance of rewards programs in driving credit card applications.

4. Spending Categories: Respondents expressed a desire to earn rewards on specific spending categories, with groceries (47%), gas (36%), and dining out or food delivery (29%) being the top categories. This suggests that consumers are looking for credit cards that offer rewards in areas where they frequently spend money.

5. Welcome Bonuses: Welcome bonuses are also a factor for some applicants, with 12% acquiring a credit card to receive a sign-up bonus. High bonus amounts and low spending requirements were cited as the most attractive features of welcome bonuses.

Overall, consumers are seeking credit cards that offer rewards and benefits that align with their spending habits and financial goals. Cash-back cards, in particular, are popular due to their simplicity and ability to earn rewards on everyday purchases.

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