Consumers Care Much Less About Interest Rates on Credit Cards Than Rewards

A recent survey by Google and Compete asked consumers to rate the importance of features of the credit cards they would select.

In the order of most important to least important, here are the results. – Source

Spend More Than $1k/Month Spend Lerss Than $1k/Month
  1. Reward points / frequent flier miles
  2. No annual fee
  3. Prior or existing relationship
  4. Other
  5. Partnerships with specific establishments
  6. Introductory reward offers
  7. Low introductory interest rates
  8. Unlimited cash back
  9. Cash back on specific expenses
  10. Trust in financial institution
  11. Low interest rates
  1. No annual fee
  2. Reward points / frequent flier miles
  3. Low introductory interest rates
  4. Other
  5. Trust in financial institution
  6. Prior or existing relationship
  7. Low interest rates
  8. Introductory reward offers
  9. Unlimited cash back
  10. Cash back on specific expenses
  11. Partnerships with specific establishments

What is interesting about this survey is that the interest rate a particular card charges was the least important factor of those that charge more than $1,000 a month and for those that charge less, it wasn’t much of a factor either.

Is this an indication that people are being exceptional money managers or is this evidence that perceived rewards and benefits trump prudent money management?

What do you think? Post your feedback and comments below.


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