Millennials Most Likely To Use Credit Cards for Rewards

MoneyTips

Do you sometimes use your credit card just to get rewards? According to a new poll from finder.com, more Americans are making purchases to chase rewards – but at least we're spending less in the process.

Finder.com's recent Chasing Points study found that almost 2 in 5 (39%) respondents have used a credit card just to get rewards points. That corresponds to approximately 81.7 million cardholders – a 21% increase over the 71.7 million point-chasers in last year's survey.

Overall, Americans are racking up higher credit card balances. New York Federal Reserve data shows Americans held $870 billion in outstanding credit card balances as of the end of 2018, continuing an upward trend. However, the finder.com survey shows the opposite trend with rewards-based spending.

According to the