Disclaimer: This Inside South Florida segment is sponsored by Electronic Payments Coalition. All opinions and views are of the advertiser and does not reflect the same of WSFL-TV.
In today's economic landscape, credit cards have become more than just a convenient mode of payment; they serve as a strategic tool for Americans to capitalize on cashback rewards. A recent survey on rewards usage reveals that low and middle-income Americans, in particular, benefit significantly from credit card rewards. Richard Hunt, Executive Chairman of the Electronic Payments Coalition joined Inside South Florida to shed light on this trend.
Richard Hunt highlights the profound impact of credit card rewards on consumers across all income levels. Contrary to popular belief that rewards are primarily used for luxury vacations, the survey indicates that 70% of low to middle-income cardholders rely on rewards to meet essential expenses. Whether it's paying high grocery bills or fuel costs, credit card rewards serve as a lifeline for many families, helping them make ends meet.
To maximize rewards and cashback benefits, Richard Hunt advises consumers to use their credit cards for all possible transactions while ensuring they pay off their balances in full each month. Additionally, he recommends taking advantage of dining programs offered by credit card companies, which can provide extra points for every meal purchased. By leveraging these benefits, individuals can extend their budgets and make their money work harder for them.
Richard Hunt brings attention to the potential impact of legislation before Congress, namely the Durbin Marshall credit card bill. This bill proposes changes to the way credit cards are processed, which could lead to the reduction or elimination of reward points. Hunt emphasizes the importance of opposing this legislation, urging consumers to visit handsoffmyrewards.com to learn more and advocate against the bill's passage.
