Poll: Wealthy prefer cash-back rewards on their cards
By Juan Rodriguez and Laura Mohammad
America's wealthiest would rather get cash from their credit card rewards than free hotel stays, concierge services or even frequent flier miles, a CreditCards.com poll found.
Three out of five people with investable assets of at least $100,000 said they preferred cash back for card rewards. The second favorite came in far behind -- 22 percent of those polled said they preferred frequent flier miles. Free hotel stays were at 7 percent, and at 1 percent or less were concierge services, airport lounge access and such services as early access to concert tickets.
Stanley Ridgley, who teaches a wealth creation course at Drexel University, says the poll shows that the wealthy expect their cards to increase wealth, rather than bring them frivolous experiences. "One reason most wealthy people are wealthy is that they take care of their money," Ridgley told CreditCards.com.
ORC International conducted the poll of 793 U.S. residents with investable assets of $100,000 or more Jan. 15-21, 2015, on behalf of CreditCards.com. Because the sample is based on those who initially self-selected for participation, no estimates of sampling error can be calculated.
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Published: February 19, 2015
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