New Poll Shows a Majority of Voters Oppose Legislation That Reduces Their Ability to Earn Credit Card Rewards
WASHINGTON DC—In a recent interview with PHL17, The Points Guy Managing Editor Clint Henderson highlighted the many benefits Americans receive from credit card rewards. Consumers are turning to travel points and cash-back programs to increase their purchasing power amid high inflation and economic uncertainty. Henderson highlighted a recent poll from Morning Consult that stated roughly nine-in-ten low-income cardholders (92%) and those with FICO scores below 650 (85%) rely on cash-back rewards in their everyday life.
The Morning Consult poll also found that:
- A strong majority of voters (69%) say they are more likely to prioritize using credit cards that give rewards.
- About half of voters (48%) and 57% of rewards cardholders say the rise in inflation and the cost of living has made them more interested in earning credit card rewards.
- Hispanic and Black rewards cardholders are more likely than white rewards cardholders to say they often use all tested types of rewards.
- Half of voters (52%) and 62% of rewards cardholders oppose the federal government passing a law that reduces their ability to earn credit card rewards.
Despite the massive benefits of credit card rewards, Henderson warned that proposed credit card routing mandates would rob consumers of their essential rewards programs. The Electronic Payments Coalition (EPC) echoes that sentiment and calls on Congress to reject efforts to impose credit routing mandates.
“Credit card rewards are a critical lifeline for American consumers, particularly those with low incomes or less-than-perfect credit scores,” said Jeff Tassey, Chairman of the Board of EPC. “Efforts to limit or eliminate these programs would be a disservice to those who rely on them to make ends meet.” Clint Henderson’s full interview can be viewed HERE.