Millennials most likely to earn, lose and donate rewards
Boomers are much less likely to let points expire or give rewards away
Data whiz and visual storyteller
When it comes to credit card rewards, a new TD Bank survey finds that millennials lead older generations in a trio of behaviors: the good, the bad and the generous.
In the plus column, 7 in 8 millennials (87 percent) reported owning at least one rewards card, versus 85 percent for baby boomers (age 55 and older) and 80 percent among Generation X (age 35-54).
But millennials (age 18-34) are far more prone to losing their rewards, with 30 percent saying they have had rewards expire before they could use them. That’s more than three times the loss of baby boomers, of whom only 8 percent reported they’d let rewards expire. Gen X respondents fell between the two age groups at 19 percent.
Losing rewards isn’t the only way young cardholders are forgoing the use of their earned benefits, though. Millennials are also more likely to donate their rewards to charity, family and friends, with 57 percent saying they’re willing to give rewards away.
That’s in stark comparison to just over a quarter of baby boomers who are open to donating their rewards.
TD Bank’s Consumer Spending Index, now in its second year, drew on a sample of 1,002 adults representative of the national population. Fielded in late March, the survey’s findings were released Oct. 23, 2017.
See related: Millennials reap latest perks in credit card rewards wars, New Uber rewards card is the latest to target millennials, Millennials strongly prefer cards, What millennials can teach us about credit
To use the graphic on your site, use the following code:
- Infographic: Mobile payment use bounces up, down – The use of mobile payments by consumers who have a compatible smartphone and a credit card has yo-yoed between 25 and 30 percent over the last year and a half, according to Auriemma Consulting Group ...
- For holiday spending, most Americans prefer to charge it – Discover surveyed more than 2,000 U.S. adults about payment methods they’ll use most this holiday season ...
- Infographic: Hiccups at register slow mobile pay adoption – Mobile payment usage is actually down compared to this time in 2016, new research shows ...