A survey by Citi conducted on 1,500 adults in the U.S. finds that rewards programs are the most important factor for consumers when it comes to choosing a credit card, not the interest rate or the sign-on bonus.
Consumers use rewards points mostly for groceries, cash, gift cards, statement credits and travel.
Here are the data from the study:
86% | The percentage of respondents who take full advantage of their rewards, redeeming them at least three times a year
67% | The percentage of respondents claiming that a rewards program is a factor in their decision to choose a new credit card
67% | The percentage of reward redemptions that go toward everyday items like groceries
54% | The percentage of consumers who are influenced by interest rates when selecting a credit card
47% | The percentage of consumers who redeemed rewards for cash