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June 25, 2020Blog Posts

New Research From PayPal Reveals How Americans Are Spending Credit Card Rewards In A COVID-19 World

PR Newswire

PayPal released new research looking at purchasing behaviors of credit card rewards holders during the COVID-19 pandemic, revealing people around the country are turning to rewards balances to help them stretch their budgets (29%) and purchase the things they need most, such as groceries. However, with 39% of credit card rewards holders unaware of their rewards balances, there’s an opportunity for more people to uncover funds which could extend their budgets and help them buy the things they need most.

“More and more people across the country are turning to their credit card rewards as a helpful and easy way to make their dollars go further, and in the current environment, two thirds of Americans (66%) now view these rewards balances as a way to buy the things they need such as groceries and other essentials,” said Jill Cress, vice president of consumer marketing at PayPal. “With travel and luxury items still less of a priority for many right now, our research shows that people are instead tapping into their rewards balances to support small businesses in their community and to give back to causes.”

Source

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Looking for more information about how COVID-19 has impacted the payments industry?

TSG has released a variety of COVID-19 content to highlight the impact to the payments industry. Click here for a collection of resources from articles to infographics containing shareable insights.

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