Consumers say they are happy with their credit cards and do not want the government to interfere with their rewards programs, a new survey has found.
The survey, conducted by Morning Consult on behalf of the American Bankers Association, found that 95 percent of consumers value the convenience their credit cards provide, while 76 percent said they believe merchants and retailers get benefits from being able to accept credit cards for purchase. Nearly eight in 10 (79 percent) have at least one credit card that offers rewards, and an overwhelming number (88 percent) said they value those rewards programs. Almost two thirds (64 percent) said they would be disappointed to lose the rewards program.
“This new survey data reaffirms that consumers greatly value their credit cards, and they don’t want to lose the benefits they offer due to government intervention,” Rob Nichols, ABA president and CEO, said. “New government mandates would jeopardize our secure payments system and the popular fraud protections and rewards programs that come with credit cards. At a time when consumers are already contending with higher retail prices, that would be a mistake.”
The survey also found that 66 percent of adult consumers believe retailers should be responsible for the costs of accepting credit and debit card purchases. About the same amount (67 percent) said they are less likely to shop at an establishment that adds a surcharge for using a credit or debit card. And 70 percent said they would oppose lowering debit interchange fees for retailers if it meant banks would have to increase fees on checking accounts.
“Large retailers want to have it both ways – price controls on debit interchange while also charging consumers for using their preferred method of payment,” Nichols said. “Retailers failed to lower prices for consumers the last time the Federal Reserve imposed a price cap on debit interchange rates, and it’s clear history would repeat itself this time around. This survey shows that consumers are aware of the many benefits retailers receive from accepting payment cards and are willing to vote with their feet if a retailer tries to take advantage of them.”
Consumers also said they value bank overdraft programs (69 percent), and support Congress passing cannabis banking legislation (63 percent).