Current research with 1,011 Americans shows that 14% of U.S.-based credit card users want crypto rewards from credit cards. Throughout the previous few years, prepaid cards that offer cryptocurrency rewards have grown common and various digital asset payment cards offer these types of rewards. This implies instead of accruing frequent flyer miles or points, consumers get rewarded in crypto assets every time they make a purchase with the cardboard.
Percentage of U.S. Residents Want Crypto Asset Card Rewards
It’s been various years because the introduction of the primary prepaid digital currency payment cards that may be loaded with crypto assets so as to make purchases. There’s now a slew of various crypto-infused cards, as a few of them leverage the Mastercard payment community and others make the most of Visa’s payment infrastructure. After the intro of some totally different sorts of crypto cards, corporations began to add cryptocurrency rewards to card customers for every purchase.
For example, Blockfi credit card users can rise up to 3.5% bitcoin (BTC) back on purchases. The credit card issued by the agency Crypto.com pays card users rewards in CRO each time they make a purchase order. The latest study from couponfollow.com and the report’s author Marc Mezzacca point out that a significant share of Americans wants crypto rewards from their cards. Couponfollow’s findings present that on average, the generation referred to as “Baby Boomers” (usually outlined as individuals born from 1946 to 1964) have three credit cards.
Gen Xers (born between 1965 and 1979/80) and Millennials (born between 1981 and 1994/6) have 4 cards. Gen Zers (born between 1997 and 2012) that participated in the survey have two cards. Out of the 1,011 Individuals utilizing the Amazon Mechanical Turk system, “14% of credit card users need cryptocurrency rewards from their bank card.” The research additional states:
Millennials and Gen Zers (15%) had been more than twice as possible as Child Boomers (7%) to want cryptocurrency rewards.
Paying With Cash Is a ‘Rare Occurrence’ — Younger Generation and Low Family Earnings Respondents Used Credit Cards More During Covid-19 Pandemic
Mezzacca says that credit cards are the most popular alternative in terms of paying for items and services and credit cards are adopted by debit cards. Using cash to pay for issues these days was a “rare occurrence.” The rationale why respondents leveraged card payment services more typically as of late is because of rewards and cards with no annual charges.
The coronavirus pandemic was also mentioned within the research and it stated for half the survey individuals, card usage stayed roughly the same. Around a 3rd of respondents stated utilization was higher because of Covid-19 and “the younger the generation/the lower the family income, the higher it was,” Couponfollow’s researcher said.
Source: Bitcoin News