PayPal released new research revealing how people across the country are turning to credit card rewards points to help them stretch their budgets (29%) to purchase essentials (groceries, toilet paper). However the research revealed that 39% of customers around the country are unaware of their rewards balances, providing an opportunity for more people to tap into their rewards and help them buy the things they need most during this time.
The research showed that:
- American are turning to credit card reward points to stretch their budgets (29%)to purchase essentials (groceries, toilet paper)
- Almost half (43%) of American credit card users enrolled in a credit card rewards program rarely or never consider using reward points when making a purchase.
- For essentials, twenty five percent shared they are most likely to use their rewards points to purchase toilet paper and cleaning products. In fact, fifty percent said toilet paper is one of their top five most frequently purchased essential items right now.
- Almost three quarters of participants (74%) have made a conscious effort to shop more at locally owned businesses since the COVID19 pandemic.
- More than two thirds (69%) did not know you could donate credit card rewards/travel miles to charity.
With an uptick of new users on the platform during COVID-19 (7.4 M added in April), PayPal is the go-to place for savvy online shoppers and deal seekers to use their credit card rewards points safely and securely to support a local business, there are countless options when you pay with rewards.