The number of customers for one major credit card company reaping rewards rose during the third quarter, as more consumers and businesses take advantage of programs.
According to a survey from Capital One, 15.8 percent credit card customers have been redeeming points earned. The majority, 54.9 percent ranked gift cards as the number one option when it came to using the rewards, while 14.9 percent stated that booking holiday travel was their first choice option.
“Since earning free money is still the main motivation when it comes to receiving rewards, it’s not surprising that 41 percent of customers have redeemed their rewards for cash,” Capital One stated in its release. “During the third quarter, 39.5 percent of customers used their rewards to pay for purchases.”
The survey also found that 32.5 percent of the merchant services company’s clients said their service was excellent during the third quarter, higher than the 25 percent who answered similarly during the first quarter of the year.
Captial One made other news in recent months when it announced a major acquisition of a merchant services company. The firm is reportedly purchasing HSBC Holdings PLC’s U.S. card unit for $2.3 billion.Back To Blog