According to the survey, there is a registered jump in cash back from 43% in 2018 to 49% in 2019. Also notable is that the number of consumers holding a business credit card has more than doubled from 8% in 2018 to 18% in 2019.
The survey also found that cash back cardholders were the most likely to redeem their rewards: 88% did so at least once in 2019. Millennials cashed in more than any other generation. Half of 23- to 38-year-olds received cash back from their credit cards at least monthly. Roughly a quarter did so weekly.
Other key findings:
gas/retail rewards were the most likely to be redeemed frequently (43% of cardholders redeemed at least monthly and 23% weekly);
56% of Northeasterners have at least one of these cards as opposed to 51% in the West, 47% in the South, and 43% in the Midwest;
parents are more likely than non-parents to have a cash back card (54% vs 43%).
The CreditCards.com report surveyed more than 2,500 US-based adults online earlier in July 2019, employing a non-probability-based sample designed to provide nationally representative results.
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