Cash or Credit? What Is Your Choice For Payments?

A survey of 2000 people found that most prefer to use a credit card for just about everything.

The average person has three credit cards and will Pay for every day groceries to fully loaded vacations with them.

Many people use their credit cards for rewards incentives.

Fifty-five percent of cardholders have used rewards to almost entirely pay for a vacation, including cashing in on airline points for five-hour flights on average.

The study found that over half of respondents experienced things for the first time because of their credit card rewards.

First-time experiences include fancy meals, concerts, and $100 gift cards.

Almost half of the respondents said they have applied for a credit card within the last year. Some motivators to get one included wanting to take advantage of the rewards program, wanting lower interest rates, and having less cash on hand.

An average of $757 has been saved by using credit card rewards in the past year.

WHAT DO PEOPLE USE CREDIT CARDS FOR?

1. Everyday purchases                       52%
2. Large purchases                             52%
3. Travel                                              47%
4. Restaurant dining                           45%

WHAT KINDS OF CREDIT CARDS DO PEOPLE USE?

1. Rewards-based cards 34%
2. Bank-affiliated cards 27%
3. Retail store cards 25%
4. Airline cards 15%