This summer, First Data conducted a consumer loyalty study focused on rewards programs for the financial institution market sector. More than 1,000 U.S. consumers participated in the study. Key findings include:
• Credit card rewards programs are the most popular, versus debit card or “other banking” rewards programs such as those tied to savings accounts
• Consumers are frustrated – especially when they cannot use the rewards being offered or have no choice when selecting rewards
• Consumers have strong opinions about what constitutes a “unique rewards program”
• The most important program features are the ability to select rewards and ease of use
More detail is available on these findings. Credit card rewards program study goes into further detail on these findings and provides additional statistics that offer important perspectives for financial institutions to consider.