A 2019 Canada Credit Card Satisfaction Study by J.D. Power revealed that customers are more satisfied with their credit cards 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, an alternative credit card may be more useful for your spending habits.
It can be tempting to stick with the same old credit card. But, if it’s 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 you find your match.
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 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.