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Quiz: How Well Do You Know Your Credit Card?

July 7, 2020
5 mins
A woman sits at a table and rests her hand and a credit card against her chin

According to the 2019 Canada Credit Card Satisfaction Study by J.D. Power, “customers who fully understand the benefits offered by their credit card issuer have significantly higher satisfaction levels compared with those who do not completely understand the benefits.”

Customers are more satisfied with their credit card when they fully understand how to redeem rewards and can easily access the information regarding their benefits.

The study suggests that cash back is the most popular reward, with 30% of customers choosing this option. The choice of airline tickets was a distant second, with 23% selecting the reward type.

Furthermore, hotel and travel-related benefits were among the benefits with the most influence on the level of satisfaction. However, the study found that cardholders don’t frequently use these perks. Only 2% of cardholders use hotel benefits, and 6% use other travel-related benefits.

You might find that you don’t fully understand what is available through your credit card and how to use the features. By taking advantage of the useful perks provided by your credit card, you may be able to save money. On the other hand, there may be an alternative credit card that could be more useful for your spending habits.

Go and grab your wallet because it’s time to see just how familiar you are with your credit card.

Compare credit card rewards and features

It can be tempting to stick with the same old credit card. But, if your credit card is not rewarding you for your specific spending style, then it may be time to upgrade. By understanding your spending habits and money decisions, you can choose a credit card that can serve you better. Whether you are looking for a credit card with no annual fee or a low-interest rate, comparing credit cards can help match the right card to your preferences.

If perks are your top priority, a card with an annual fee may provide you with extra value, and a higher earn rate on rewards. If cash back rewards are important to you and you have a family who enjoys home-cooked meals, maybe a grocery reward card with fewer perks is more your style. Weigh your options and remember to look at the interest rate, fees, rewards, and benefits. Each credit card has unique offerings that many consumers overlook.

Hayley Vesh

Hayley Vesh is a creative, resourceful, and knowledgeable content producer who is passionate about financial literacy, storytelling, and generating ideas. She writes about credit cards, savings, debt management, and personal finance. In her spare time, Hayley can be found wandering in the woods, hunting for second-hand treasures, or curled up with a steeped tea and a good podcast.

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