Credit card issuers are moving beyond gas, groceries and restaurants into things prized by young people, such as streaming services.
When it comes to credit card rewards, it’s not all about gas, groceries and restaurants anymore. Issuers are moving beyond suburban staples to include millennial-friendly categories such as transit and streaming subscriptions.
“The strategy is simple: If a consumer opens a credit card when young, the [issuer] can build a long-term relationship with the consumer,” said Logan Allec, a CPA and founder of the financial blogThe Deloitte study notes the percentage of U.S. households subscribing to a paid streaming video service grew to 55% in 2017 from 10% in 2009 — a 450% increase. Consumers subscribe to an average of three such services.
Kunal Madhok, vice president of U.S. consumer lending and acquisition at American Express, said AmEx research found that a segment of millennials was spending more on “day-to-day” costs, including commuting and streaming, compared with five years ago.“The card is designed to give people the most cash back on the things they value and spend frequently on, now including quality time at home streaming their favorite show,” Madhok said.
Per the Deloitte survey, 70% of Gen Z households had a streaming subscription in 2017, as did 68% of millennial households .
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
How to decide if a credit card annual fee is worth itIf you're wondering how to decide if a credit card annual fee is worth it, it comes down to the numbers.
Baca lebih lajut »
What credit score do you need to qualify for popular rewards credit cards like the Chase Sapphire Preferred?Some of the most popular rewards credit cards require high credit scores, while others are more attainable than you might think.
Baca lebih lajut »
How real 'Hustlers' got caught: 'They were vampires ... my blood was the credit card'The morning after his third date with Karina Pascucci, Dr. Zyad Younan said he heard a phone message from his credit card company saying there were “excessive charges” on his card “close to $100,000.” How real 'Hustlers' got caught:
Baca lebih lajut »
Here's how long it takes to improve your credit scoreGenerally speaking, the higher your credit score, the better off you are. But the recovery time from a missed payment or financial setback differs for everyone.
Baca lebih lajut »
“That Was a Sugar High”: Why Warren and Kamala Are On a Collision CourseWarren's goal will be to “try to make the majority of the party...feel comfortable with her” tonight, strategists say, while Harris needs to “establish what she’s for” and “emphasize her personality” DemDebate
Baca lebih lajut »
Why Dunkin' thinks espresso will give it the boost it needs to challenge StarbucksDunkin' invested $100 million in its U.S. business to refresh the brand and become a key player in coffee. It's now looking to expand from its Northeast stronghold and rival the reach of competitors McDonald's and Starbucks.
Baca lebih lajut »