Rewards TrendsAdditional trends revealed by this quarter's Capital One Rewards Barometer include:
- Over the past year, respondents' likelihood to redeem credit card rewards from a mobile device if they could easily do so nearly doubled (from 7 percent to 12 percent).
- Cash remains the top rewards card currency at 46 percent, followed by points (41 percent) and miles (31 percent).
- Since the spring of 2012, 40 percent of rewards card holders consistently reported a preference for a simple rewards card offering the same earn rate across all purchases.
- Dining on a Budget: Foodies can subscribe to deals sites in cities they plan to visit and purchase discounted reservations on food tours and/or restaurants, then save even more by redeeming credit card rewards toward that purchase. If given the option to use rewards toward a food tour, most consumers (28 percent) would book in San Francisco or New Orleans, followed by New York (23 percent) and Chicago (14 percent).
- Free Yourself of Travel Restrictions: Cards not tied to a particular airline or hotel brand offer more flexibility to book the best deals. ( http://www.capitalone.com/rewards/) In fact, the Rewards Barometer revealed that of those who switched rewards cards in the past three years, 22 percent deliberately stopped using their co-branded card.
- Go Mobile: Travelers can use a mobile phone to receive real-time information through their credit card provider such as deals and fraud alerts. According to the survey, thirty four percent of those with a mobile phone search for nearby restaurants, gas stations, coupons and deals while on vacation.