TD Bank is highlighting a growing shift in consumer attitudes towards credit card rewards. The bank has a new survey that shows more Americans value cash back rewards than ever before. The findings also come with a new credit card announcement: the TD Bank Double Up Visa.
TD Bank Consumer Spending Index Highlights Shifting Spending Habits
The findings of the annual Consumer Spending Index study from TD Bank highlight an increasingly evident shift in how U.S. consumers value credit card rewards. The report is based upon research by MARU/Matchbox, a research consulting firm.
According to the study, nearly half of the respondents (49%) view rewards like cash back or points as the most valuable type of credit card benefit. This finding correlates with other industry reports that show more Americans are shifting away from travel rewards credit cards and towards everyday rewards and benefits – including cash back rewards credit cards.
Banking Relationships A Key Benefit
Roughly two-thirds of respondents (60% of those surveyed) said having a credit card with their primary bank was at least “somewhat important.” Additionally, 36% of those surveyed said they prefer to redeem their rewards as a check or cash or via direct deposit into their linked checking account.
Other study findings include:
- 23% of respondents said they are spending more on their credit card accounts than before
- 17% of consumers applied for a new credit card during the coronavirus pandemic
- 39% of respondents that applied for a new credit card did so because they wanted a different rewards structure or program that matched their shift in spending habits
- 62% of millennials with a travel rewards card stated that they either changed or wanted to change their credit card rewards program because of COVID-19 travel restrictions
New TD Double Up Credit Card
Based on these findings, TD Bank has launched a new cash back credit card: the TD Bank Double Up Visa. The card is a unique rewards card in that it offers 2% cash back rewards on all purchases. Consumers can earn 1% cash back on all purchases, regardless of category, and an additional 1% cash back when rewards are redeemed into an eligible TD deposit account.
The card is a direct competitor to various leading cash back rewards cards, like the Citi Double Cash Card and the Alliant Platinum Rewards Visa. The TD Bank Double Up more than holds up to these cards and also offers a 0% intro APR on balance transfers, a $75 statement credit bonus, and no annual fee.
“Double Up Aims to Provide a Competitive Earn Rate”
“It’s clear that maximizing credit card rewards is a priority for consumers today,” said Paramita Pal, Head of U.S. Bankcard at TD Bank, in a statement accompanying the report. “With the Double Up credit card, TD aims to provide our customers with a very competitive earn rate and the ability to build rewards on various purchases.”
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