A new study by Barclays is highlighting what Americans 50+ are looking for in a credit card. Wakefield Research conducted the report showing American seniors are seeking everyday savings versus luxury perks when considering a rewards credit card. Here are all the findings of the Barclays senior spending habits survey:
Barclays Reveals Survey of What 50+ Americans Want In a Credit Card
Barclays has released a study detailing what Americans aged 50 and over want in a credit card. The report is a joint venture between Barclays and Wakefield Research and accompanies two new 50+ credit cards from AARP.
Barclays Seniors Credit Card Survey Findings
The Barclays study surveyed 1,000 adults in the age group and found the following:
Enjoying life is a major priority for those 50+. The study shows that while only 23% of respondents had flown first class in the last ten years, 36% plan to in the next decade. Further, while only 19% said they dined at a Michelin-starred restaurant in the past ten years, 30% plan to in the next decade.
The coronavirus pandemic has significantly curtailed how Americans dine. Restrictions have significantly increased the number of times Americans are eating at home, with delivery services enjoying immense popularity. Despite this, almost half (45% of respondents) of Americans 50+ plan to dine out more after COVID than they did before the pandemic began.
Medical Costs Are a Concern for Those Aged 50+
Travel and dining are not the only issues that impact the credit card choices of those aged 50+, however. The report also shows that:
- 55% of respondents are concerned they haven’t budgeted enough money for monthly medical expenses, including nearly a third (31%) who are very or highly concerned
- Nearly half (48%) of Americans 50+ have put off a non-emergency visit to a doctor or specialist due to COVID-19
- Those concerned about not budgeting enough for medical expenses are more likely to have put-off appointments than those who are not concerned (58% vs. 36% of those studied)
Study Results Accompany Launch of Two AARP Credit Cards
The Wakefield Research report comes on the heels of Barclays launching two new AARP co-branded credit cards. The cards, the AARP® Essential Rewards Mastercard® and the AARP® Travel Rewards Mastercard® from Barclays, offer the types of rewards that the study highlighted.
The Essential Rewards Card offers unlimited 3% back on gas station and drugstore purchases and 2% back on medical expenses – something no other credit card on the market provides. On the other hand, the Travel Rewards Card prioritizes a post-COVID desire for exploration, with cardholders earning 3% cash back on airfare, hotel stays, and car rentals – plus 2% back on restaurant purchases and 1% back on all other eligible purchases.
Related Article: Barclays and AARP Launch Two New Credit Cards
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