2024 Consumer Survey: Credit Card Rewards, Overdraft and Cannabis Banking

Americans value credit cards and their rewards…

• 95% value the convenience of using their credit card(s)
• 8 in 10 have at least one credit card that offers rewards
• 88% value the rewards program from their credit card(s)
• 64% would be disappointed to lose the rewards program on their credit card(s) due to government regulatory changes
• Merchants and retailers get significant benefit from being able to accept credit cards for payment
  • 76% agree vs. 8% disagree

...and think retailers shouldn’t pass payment infrastructure costs onto them.

• 6-to-1 say retailers – NOT customers – should pay for the convenience and infrastructure to offer customers the option of paying via credit or debit cards
• Two-thirds are less likely to shop at a retailer or restaurant if they add a surcharge for using your credit or debit card
• 7 in 10 would oppose lowering debit interchange fees banks can charge retailers if banks would have to increase fees for checking accounts

Consumers value overdraft protection

• 7 in 10 find their bank’s overdraft protection valuable
• 8 in 10 were glad their bank covered their overdraft payment, rather than returning or declining payment
• Two-thirds think it’s reasonable for banks to charge a fee for an overdraft
• 9 in 10 say it’s easy to check their account balance to avoid overdrawing
• By a 7 to 1 margin, consumers want overdraft protection to be an option:
  • 69% -“I prefer that my bank offer overdraft protection as an option to customers, whether there is a fee or not.” VS 11% - “I prefer that my bank not offer overdraft protection at all.”

Consumers support cannabis banking

• By more than 3 to 1, consumers support Congress passing legislation that allows cannabis businesses to access banking services. 

Source: Morning Consult, on behalf of the American Bankers Association, conducted an online survey from October 7-10, 2024. The margin of error is plus or minus 2 percentage points, from a weighted sample of 4,508 adults.