EPC Statement on Phoenix Marketing International’s Rewards Credit Cards Report

Statement from Jeff Tassey, chairman of the board of the Electronic Payments Coalition, on Phoenix Marketing International’s Rewards Credit Cards Report

“Phoenix Marketing International’s report on rewards credit cards underscores the critical importance that contactless payments played amidst the COVID-19 pandemic and the essential role they will play in the years ahead for consumers of all income levels. As noted in the study, even among households earning less than $20,000 per year, 82 percent own a rewards card, and 90 percent of their spending dollars are charged to these cards. Although retailers continuously criticize rewards programs for higher interchange fees, in reality, the benefits outweigh the costs through increased sales, faster transactions, and efficient and guaranteed payments. This report confirms what we’ve been saying since the Durbin Amendment was signed into law. The vast majority of consumers across all income levels use credit cards and prefer to use cards with rewards programs because of the value they provide.”