New EPC Study Shows Credit Card Rewards are a Lifeline for Working Class Americans

On Monday, the Electronic Payments Coalition released a new report examining how American consumers, including lower-income consumers, utilize reward credit cards and how proposals restricting card issuers’ ability to offer reward credit cards would adversely impact cardholders of all incomes. The study found the share of credit cards offering rewards is nearly identical across income and cardholders, regardless of income, earn rewards at virtually equal rates.

“Americans of all incomes take advantage of credit card reward programs but the most financially vulnerable households depend on cashback rewards to help make ends meet,” EPC Executive Chairman Richard Hunt said. “Saying credit card reward programs only help the rich or are just about getting lounge access at the airport is nothing more than willingly ignoring the full picture. Hardworking Americans rely on their rewards to help make ends meet and manage their daily finances. For many, these credit card rewards served as a lifeline during the record inflation of the last few years.”

A summary of the EPC study is copied below.