Why Are Men Wasting Credit Card Reward Points?
NEW YORK (BankingMyWay) — The old maxim “waste not, want not” may be lost on U.S. men; a study says guys appear to be wasting big money by ignoring credit card rewards points.
This, despite the fact guys are likely to travel more and spend more, according to a survey from Manilla.com, a New York City account management company. The study says 70% of men surveyed report they travel once a week or more, far outpacing the 29% of women who say the same thing.
In addition, 64% of men participating in the study own at least one credit card generating rewards points, and 65% of that demographic say they have “wasted travel points and miles because they didn’t realize they were about to expire.”
Some guys have three to five credit cards with rewards points, and still allow those points and miles to expire, Manilla says.
(Maybe it’s not just men, though. Manilla says it’s frequent travelers in general who are more likely to let rewards points disappear, even though they have the most to gain from cashing in on those points. The survey says 67% of all U.S. adults who travel often report they “waste” travel points.)
"It's not uncommon for people to have travel rewards points that go unused or have no idea how many award miles they have available for booking,” says Jim Schinella, CEO of Manilla.
The survey doesn’t say why men tend to squander the financial resources found in credit card rewards points. Maybe they don’t want to be bothered.
That, however, is a mistake. If consumers viewed rewards points and miles as a percentage of the money they’ve already spent on their excursions, they wouldn’t be so lackadaisical.
Put it this way: If you got off your plane from a trip and someone handed you a $100 bill and you turned it down? That’s what its like to turn your back on travel points.
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