Future Credit Card Perks Could Include Bitcoin and Rent
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Here's your Money Briefing for Monday, April 12th. I'm J.R. Whelan for The Wall Street Journal. If you have a credit card, you're probably wondering what in the world to do with all the miles you've racked up over the past year, and maybe whether there are other things you could be using those rewards points for. Well, credit card companies are taking note, and some are revamping their perks programs to attract a new generation.
They're trying to cater to younger customers. In younger customers, what they're looking for is to get out of debt and to build wealth. So not just your traditional type of perks,
Personal finance reporter Amber Burton has more on the new rewards programs on the drawing board after the break.
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Those credit cards in your wallet?
How are credit card rewards changing because of the pandemic and shifting consumer habits?
Sure, they come in handy and some come with great rewards, but a lot of perks are being left on the table. That has credit card companies looking to the future to keep customers engaged. Personal finance reporter Amber Burton looked into this, and she's with us to discuss. Amber, thanks for being here.
Thanks for having me.
So why are credit card companies revisiting their rewards programs now?
So credit card companies are revisiting their rewards programs right now, just because of the environment we're in. I mean, we've been in a pandemic for over a year, and typically credit card companies are giving back, you know, restaurant rewards and travel perks, but right now, a lot of people haven't been able to engage with that. So that's one part of it. Another part of it is that they're trying to cater to younger customers. And younger customers, what they're looking for is to get out of debt and to build wealth. So not just your traditional type of perks. And then I think another thing, they're really just trying to keep up with their competitors. The more innovative that some of these companies get, it's really pushing others to do the same.
But people can already use cash back to put toward debt, right? So how are credit card companies marketing these programs when it comes to debt?
companies are really thinking about, you know, debt in terms of rent and student loans. So, you know, rent is something that a lot of credit card companies have been trying to figure out how they can get into, because as of right now, you have to pay a fee if you're paying your rent with a credit card. So that's something that they're really looking at and is really relevant for young people. But in addition to that, we know student loans, I mean, about 45 million Americans have about 1.7 trillion in student loans in the U.S. right now. That's a lot of debt. It's on a lot of people's minds. So more lenders are really considering, you know, how they can relate their rewards programs to that. So, for instance, FinTech startup Social Finance Inc.
in March, they were one of the ones that launched a credit card that provides up to 2% cash back. And that cashback can be converted to pay down student loans that cardholders have with that specific company.
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