Despite the hight national credit card debt, Gen Z is funding their travels and other expenses through credit card rewards and points.
Fifty-six percent of Gen Z said that they were able to travel this summer because of the points and rewards earned through their credit cards.A new consumer survey by Credit Karma, the digital personal finance and credit service, has found a rise in younger demographics using credit card rewards to help maximize their spending.
“The rewards earned on their spending fueled summer travel for many, and others are relying on these rewards to get them through the upcoming holiday season and future travel,” said Alev. “Gen Z is turning to social media to help with their finances. Almost a third of Gen Z said they learn about rewards credit cards on TikTok, more than any generation. And they are learning ‘hacks’ to maximize the benefits of their rewards cards.
According to Credit Karma’s survey, 56 percent of Gen Z said that they were able to travel this summer because of the points and rewards earned through their credit cards. Furthermore, 45 percent of Gen Z polled reported that they will continue to rely on their rewards points to help fund the upcoming holiday travel season — with 35 percent of people noting they won’t be able to travel in the next year without using points and rewards.
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