The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
As Americans battle inflation and rising costs – many are turning to bonuses to make an extra buck. Between banks, credit cards, and gambling websites – promises of “free” cash are everywhere… but are Americans becoming too reliant on them?
A new nationwide survey finds that more than 2 in 5 Americans are using credit card reward points and cash-back offers to manage day-to-day expenses and these types of bonuses play a big role in financial decision-making.
- 79% use credit card rewards for the “cash back” option
- More than 1 in 3 (35%) have transferred to a new bank or savings program to get the promotional bonus
- 3 in 4 Americans say bonuses on sports betting websites keep them on the platform – even after losing
There is a dark side to bonuses. More than half of Americans have credit card debt, and more than 1 in 10 say they rely on bonuses and cash incentives to make ends meet (that number jumps to nearly 20% among Gen X).