Rewards Credit Cards Increasing in Popularity
Arvest Launches More Competitive Program
FAYETTEVILLE, Ark. (Oct. 27, 2015) – Credit card rewards programs are so important to consumers that they’re willing to switch to a different card or bank to get the particular type of rewards they want. In 2014, 52 percent of people selected their new card for a better rewards program, whether that means lower or no fees, higher earning rates or more earning options.1
Rewards cards made up nearly 80 percent of new card volume in the first quarter of 2014, according to a report released by NerdWallet.2 As consumer priorities change, banks and other card issuers are changing along with them.
Because of this shift in consumer behavior, card issuers are developing more robust programs that allow for greater return on credit card use. At Arvest Bank, that’s evidenced by the relaunching of its rewards program as Arvest Flex Rewards™. The new program offers more flexibility – including cash-back and statement credit options – reward opportunities and no annual fee.
The shift to this competitive landscape started in 2011 when, according to a report by Elan Financial Services, 80 percent of credit card offers included rewards points, miles or cash rebates, up from 60 percent in 2009.3
The card rewards industry has performed well since 2011, once consumers became more optimistic and increasingly accepting of credit card use as the effects of the global financial crisis started to wane.4
Arvest Bank believes credit cards, used responsibly, can be an invaluable tool to both general consumers and business users. Applicants should consider rewards points parameters, fees, as well as customer service, when choosing a new card. Arvest is excited about the opportunity to provide a better purchasing tool to its customers by offering Arvest Flex Rewards™ along with the service it’s recognized for in all aspects of banking.